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Intro to Marketing_Herzenstein_Date_040510

Intro to Marketing_Herzenstein_Date_040510 - New product...

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New product management continued TWO HANDOUTS: NYTimes article & Business Week article Profiles of product adopters: - Definition of who buys first - Order: innovators (high income, educated/successful), early adopters, early majority, late majority, laggards LC Growth: - Price per customer going down LC Majority: - Want to keep product here as long as possible (avoid decline) - Make changes to entice buyers; extending life cycle o Modifying market—example: cell phones always changing/new ones o Modify product o Modify marketing mix LC decline: - Try to cut costs on everything (so don’t loser $, if do then divest) Promotion Slides Example: Company acronym was WTF, changed company name to change acronym to TFW Promotion—how we tell world about product and convince them to buy it Promotion (with a capital P): - Describes category or sales promotion - Goals: awareness, persuasion, reminder, education Integrated marketing communications: - Advertising: paid for publicity - Personal selling: personal influence on use of product -
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