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Review_summary - Final Exam Study Guide and Summary of...

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Final Exam – Study Guide and Summary of Chapters Date: Wednesday, 12/10/2008 Time: 4:30 PM to 6:30 PM Venue: ACC303 Syllabus: NOTE: Chapter 17 is not there for the finals Topic Chapter Pages/Remarks 1Marketing Mix and the Product Concepts ( and Services) 8 Full Chapter 2New product 9 Full Chapter 3 The section of Chapter 5 on "Buyer decision for new products" 5 150-152 4Marketing Channels 12 332 through 352 5Pricing 10 282 through 292 6Marketing Communication 14 Full Chapter The following Cases will be included for the final exam: Cases 4 (Intel), 5 (Dell), 6 (Starbucks), 7 (Dove). Points Estimate Time No of Questions (Case related) True 30 15 30 questions (15) MCQ 80 30 40 questions (10) Short/Detailed 110 65 6 -8 questions * Check answers 10 total 160 120 * with subparts and choice
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Chapter 5: Consumer Markets and Consumer Buyer Behavior Describe the adoption and diffusion process for new products. 1. The Buyer Decision Process for New Products a. A new product is a good, service, or idea that is perceived by some potential customers as new. It may have been around for a while, but our interest is in how consumers learn about products for the first time and make decisions on whether to adopt them. b. The adoption process is defined as the mental process through which an individual passes from first learning about an innovation to final adoption. c. Adoption is defined as the decision by an individual to become a regular user of the product. Stages in the Adoption Process d. Consumers go through five stages in the process of adopting a new product. i. Awareness ii. Interest iii. Evaluation iv. Trial v. Adoption e. This model suggests that the new-product marketer should think about how to help consumers move through these stages. Individual Differences in Innovativeness f. People differ greatly in their readiness to try new products. g. People can be classified into the major adopter categories shown in Figure 5.8. h. This adopter classification suggests that an innovating firm should research the characteristics of innovators and early adopters and should direct marketing efforts towards them. Influence of Product Characteristics on Rate of Adoption i. The characteristics of the new product affect its rate of adoption. i. Relative advantage—the degree to which the innovation appears superior to existing products ii. Compatibility—the degree to which the innovation fits the values and experiences of potential consumers iii. Complexity—the degree to which the innovation is difficult to understand or use iv. Divisibility—the degree to which the innovation may be tried on a limited basis v. Communicability—the degree to which the results of using the innovation can be observed or described by others
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Chapter 8 Product, Services, and Branding Strategy Learning Objectives 1. Define product and the major classifications of products and services. 2.
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This note was uploaded on 12/04/2008 for the course BUAD 307 taught by Professor Morristowns during the Fall '07 term at USC.

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Review_summary - Final Exam Study Guide and Summary of...

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