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MKTG 3104 chapter 11 outline

MKTG 3104 chapter 11 outline - C hapter 11 Managing P...

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Chapter 11- Managing Products and Brands The Product Life Cycle Product Life cycle- stages a new product goes through in the marketplace Introduction, growth, maturity, and decline Introduction Stage- when a product is introduced to its intended target market. During this period sales grow slowly, and profit is minimal. Emphasis- to create consumer awareness, Advertising and promotions made to primary demand, but when there’s more competition the focus goes to selective demand . Growth Stage- rapid increases in sales and competitors start to appear. Changes in product appear to help distinguish between competitors. Maturity Stage- slowing of total industry sales or product class revenue. Sales increase at a decreasing rate. Fewer new buyers enter the market. Decline Stage- sales drop due to environmental changes. Deletion - dropping the product from the company’s product line, most drastic strategy Harvesting - company retains the product but reduces marketing costs. Product still offered Shape of the product life cycle Consumer products have shorter life cycles than business products High Learning product - significant customer education is required and there is extended introductory period Low learning product - sales begin immediately because little learning is required Fashion product - is style of the times, introduced, decline, and seem to return Fad product - rapid sales on introduction and then equally rapid decline
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