Final Study Guide (Completed)

Final Study Guide (Completed) - BUAD 307 Principles of...

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BUAD 307 Principles of Marketing – Final Exam Review Towns Material Covered: Textbook chapters 11-16 Harvard Business Review article “The Buzz on Buzz” Lecture slides Videos (The Persuaders, Is Wal-Mart Good for America, The Merchants of Cool) Product Lifecycle – know the stages of the product life cycle as well as how to diagram it (including stages, profit, sales) and be familiar with what marketing objectives might apply at each stage. Stages of product lifecycle—Introduction, growth, maturity, and decline. Profits peak in growth stage because of competition and aggressive pricing Be familiar with ways to manage products through the life cycle stages Product modification- altering a product’s characteristics, such as quality, performance, or appearance to increase and extend the products sales. Market modification- company tries to find new customers, increase product’s use amongst existing customers, or create new use situations. Product repositioning- changing the place a product occupies in a consumers mind relative to other products. Reacting to competitor’s position Reaching a new market Catching a rising trend Changing the Value Offered—Trading up (additional features), Trading Down (reducing number of features, quality, or price) Be familiar with the categories of product adopters 1. Innovators—Venturesome; higher educated; use multiple information sources 2. Early adopters—Leaders in social setting; slightly above average education 3. Early majority—Deliberate; many informal social contacts 4. Late majority—Skeptical; below average social status 5. Laggards—Fear of debt; neighbors and friends are sources of information Know the concept of branding, including constructs like brand name, personality, equity etc. Branding—organization’s use of a name, phrase, design, symbol, or combination of these to identify and distinguish its products
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Brand name—Any word, device (design, shape, color), or combination of these used to distinguish a seller’s goods or services Brand personality—Set of human characteristics associated with a brand name Brand equity—Added value a given brand name gives to a product beyond the functional benefits provided Be familiar with what constitutes a good brand name and various branding strategies Suggest product benefits Memorable, distinctive, and positive. Fit the company and product image. Have no legal restrictions Be simple Multiproduct branding strategy—One name for all products Multibranding strategy—Manufacturer gives each product a distinct name Private branding strategy—Manufactures product but sells them under the brand name of wholesaler or retailer Mixed branding strategy—Firm markets products under its own name and that of a reseller because segment attached to reseller is different from own market Be able to explain the importance of packaging Generally customer’s first exposure to product
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This note was uploaded on 10/10/2007 for the course BUAD 307 taught by Professor Morristowns during the Fall '07 term at USC.

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Final Study Guide (Completed) - BUAD 307 Principles of...

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