Products and Product Life Cycle

These flashcards cover key concepts related to products, product life cycles, and factors influencing product adoption and failure based on the lecture notes.

What is defined as anything that can be offered to a market for attention, acquisition, use, or consumption?

A product.

What are the four stages of the product life cycle?

Introduction, Growth, Maturity, Decline.

What is the primary focus when segmenting the market for a product?

To target your customers effectively.

What two coefficients are used in the Bass Model of Product Diffusion?

Coefficient of innovation (p) and coefficient of imitation (q).

What are the five marketing reasons commonly cited for product failures?

Insignificant points of parity/differentiation, failure to understand customer needs, trying to be everything to everyone, poor timing, and poor understanding of human behavior.

In technological adoption, what is the importance of overcoming awkwardness according to the presentation?

Usefulness must outweigh awkwardness for a product to cross the chasm.

What are the 'Four I's of Services' identified in the lecture?

Intangibility, Inconsistency, Inseparability, Inventory.

According to the lecture, how does the Bass Model categorize new adoptions?

As a function of both innovation and imitation.

What factor contributes to the observability of products?

The clarity and visibility of benefits and usage to potential adopters.

What is one key characteristic that makes a product more likely to be adopted according to Roger’s Factors?

Advantage over existing products.