marketing mid term

Which stage of the Product Life Cycle has rapidly increasing sales and growing profits?

Growth Stage

Stage where a product becomes obsolete due to technology changes or changing consumer needs.

Decline Stage

Alternative products that satisfy the same customer need.

Substitute Products

C in environmental scanning.

Competitive Factors

Main marketing objective in the Introduction Stage.

Build Awareness / Attract Attention

Concept describing stages a product goes through from launch to decline.

Product Life Cycle (PLC)

Marketing one product to the whole market with one strategy.

Mass Marketing

Protects brand names, logos, and symbols.

Trademark

Protects original creative works.

Copyright

Tool used to see how products are positioned relative to competitors.

Perceptual Map

Successful marketing focuses on:

Customer needs and wants, gathering Feedback and Continuous Improvement

Difference between a good and a product.

A Good is Physical; a Product can be a Good, Service, or Idea

Brand with little or no branding sold as a low-cost alternative.

Generic Brand

Private Label

a product that is made by one company but sold under another company's brand name.

Process of creating, promoting, and delivering products to consumers.

Marketing

Product positioning

How a company wants customers to think about its product compared to competitors

Group of similar products serving similar needs.

Product Line

Demographic variable example.

Income

Main idea of marketing.

Satisfy Customer Needs and Wants

Canadian healthy-living trend example.

Growth in Fitness and Health Products

Specific group of consumers marketers focus on.

Target Market

Type of good where consumers compare alternatives before buying.

Shopping Good

4 Ps of Marketing Mix.

Product, Price, Place, Promotion

Specific actions used to achieve marketing goals.

Campaign Tactics

Examples of campaign tactics.

Social Media, Digital Ads, Promotions, Events

Dividing a market into groups with similar characteristics.

Market Segmentation

Environmental scanning factor involving scientific and engineering advances.

Technological Factors

T in environmental scanning.

Technology: new inventions, innovation, engineering advances

S in environmental factors

Social → demographics, culture, lifestyles, values, income trends

E in environmental factors

Economic (E) → inflation, unemployment, interest rates, recession

Why services are difficult to market.

Intangible

Using the same brand across multiple products.

Family Branding

Single brand used for many products.

Family Brand

Process by which consumers begin using new products.

Adoption Process

Product that lasts a long time and can be used repeatedly.

Durable Good

Product requiring extended introduction and consumer learning.

Innovative or Complex New Product

Products categorized by earnings or profitability.

Product Portfolio Classification

Demographic and cultural characteristics are examples of.

Social Forces

Economy as a whole.

Macroeconomics

Microeconomics

Individuals, firms, and specific markets.

Four parts of SWOT.

Strengths, Weaknesses, Opportunities, Threats

Internal SWOT factors.

Strengths and Weaknesses

External SWOT factors

Opportunity and Threats

Why do organizations monitor external factors?

To capitalize on opportunities and identify threats

Value proposition

Why a customer should buy a product and what benefits it provides.

Services

Things you cannot touch that are provided to customers.

Inventory

Unused capacity cannot always be stored 

Inseperable

Production and consumption often happen together 

The 4 I’s

Inventory, Inseperable, Inconsistent, Intangible