Marketing Final Guide

Marketing Final Guide - BCOR 2400-Marketing Final Exam...

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BCOR 2400-Marketing Final Exam Study Guide Spring 2008 New Material Chapter 11: -Product Life Cycle: Know the stages and strategies for each stage. Introduction stage: When the product is born. Few competitors. Sales grow slowly and profit is minimal. The marketing objective is to gain awareness. Skimming=”taking the cream off the top”.High price and recoup and redistribute- take profits. Example=iphones. Penetration: penetrate the market to get consumers to buy our product. Classic type of penetration product=savers and personal items. Primary Demand-need to educate and inform consumers in the promotion stage. Trying to get demand for
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the product class and not for the specific brand. Need to educate consumers-blue ray disks. Need to get the product out there. Let consumers know what your product is. Limited distribution since it is just coming out. Growth:As more and more people start to buy the product, we move into the growth stage. Example: DVRs. 30% penetration. People are buying into them. More competition in this stage. Selective demand-where we actually advertise our brand. We need to stress points of difference. There are more outlets in the growth stage, because of the more competition. More demand=more outlets/competition. Maturity: Even more competition. More demand=more outlets/competition. Decline: Where we are with VHS players. Harvest and delete (talked about this before!!). Only the best sellers are left around, trying to stay profitable, minimal promotion, outlets cut back. Consumers can be broken up into groups in terms of how they buy products. -Market Maven: Prob. Inoovator-someone who buys and is convincing people they n eed the same product. Marketers are trying to identify these people. There are market mavens in all different areas of products-electronics. Sewing machines. Marty. -Innovators: get the products well known. Laggards-last to buy the products. Consumers all adapt to products in different ways. Managing the PLC : Three Possible strategies to Extend Product Life Cycle.
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-Modify the product: get people to continue buying more of it. Green Products are big now, so Clorox introduced a line of green cleaning products. -Modify the market: Try to find new customers, increase use of the product, or create new use situations. Increase use-keep a box in batheroom, under the sink, in the cat litter…increase the use. Create new uses. -Reposition the product: Changing the place a product occupies in a consumer’s mind relative to competitive products. Can reposition by changing one or more of the four marketing mix elements. Four factors that trigger a repositioning action = 1. Reaction to a competitor’s position: Nike=fashion tennis shoes, New Balance=is going for fit instead of going head to head with nike. 2. Reaching a new market. 3. Catching a rising trernd. 4. Changing the value offered.
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Marketing Final Guide - BCOR 2400-Marketing Final Exam...

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