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Marketing Ch20 part2

Marketing Ch20 part2 - • Adoption is an individual’s...

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o Sales-wave research – consumers who initially try the product at no cost are reoffered it, or a competitor’s product, at slightly reduced prices. The offer may be made as many as five times (sales wave), while noting how many customers selected the product again. o Simulated test-marketing calls for finding 30 to 40 qualified shoppers and questioning them about brand familiarity and preferences in a specific product category. o Controlled test marketing – a research firm manages a panel of stores that will carry new products for a fee. o Test Markets – The ultimate way to test a new consumer product is to put it into full-blown test markets. To coordinate the many activities involved in launching a new product, management can use network-planning techniques such as critical path scheduling (CPS).
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Unformatted text preview: • Adoption is an individual’s decision to become a regular user of a product. • An innovation is any good, service, or idea that someone perceives as new, no matter how long its history. • Innovation diffusion process is “the spread of a new idea from its source of invention or creation to its ultimate users or adopters.” • Adopters of new products move through five stages: Awareness, Interest, Evaluation, Trial, Adoption • Five adopter groups: innovators, early adopters, early majority, late majority, laggards • Personal influence is the effect one person has on another’s attitude or purchase probability. • Five characteristics influence the rate of adoption of an innovation: relative advantage, compatibility, complexity, divisibility, and communicability....
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