Term
| Product Life Cycle Fig 11.1 |
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Definition
Stages a new product goes through in the marketplace:
- Introduction-product being intro'd into its intended market
- Growth- rapid increases in sales
- Maturity- slowing of total industry sales
- Decline- sales drop
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Term
| Pricing tactics at Introduction Stage of PLC |
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Definition
Can either be High or Low
High: skimming strategy- recover costs of development early.Usually first business with the product
Low:Penetration Price- build unit volume. Usually not first to enter market. |
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Term
| Pricing at growth stage of PLC |
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Definition
Profit peaks at Growth Stage
Usually a significant price decrease to counter all the new competition
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Term
| Price strategy at Maturity Stage of PLC |
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Definition
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Term
| Price at Decline Stage of PLC |
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Definition
| Giving them away basically |
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Term
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Definition
- High Learning= slow start high finish
- Low learning= quick start and stay high
- Fashion product= up and down as times change
- Fad product= quick up, quick down
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Term
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Definition
| product spreading through the population of other competitors products |
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Term
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Definition
Innovators=2.5%
Early Adopters=13.5%
Early Majority=34%
Late Majority=34%
Laggards=16% |
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Term
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Definition
organizations use of a name, phrase, design, symbols or combos of these to identify and distinguish its products
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Term
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Definition
| any word, device or combination of these used to distinguish a sellers goods or services |
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Term
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Definition
| Set of human characteristics associated with a brand name |
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Term
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Definition
added value a brand a name gives to a product beyond the functional benefits provided.
Disneyland defines kids entertainment |
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