Marketing Notes second test

Marketing Notes second test - Marketing Notes March 3 rd...

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Unformatted text preview: Marketing Notes March 3 rd April 7 th Product What do we mean by product? What people are buying Product Life-Cycle Used to make decision, not a model Can be product specific or for the industry Only refers to your specific product In market development = creating/building your market High learning vs. low learning (All new products/services/ideas have some type of learning) Low learning everyone already knows about it, doesnt stay in market development very long (i.e. soap, food) High learning need to teach people about it (i.e. technology) Rapid growth = very demanded but need more of your product, need more money in order to keep up with the growth Likely place to confront issues with quality control Competitive turbulence Already developed the market and experienced rapid growth; not much new market left Not a normal kind of competition with only needing to change packaging, ads, price, etc because youre expecting to continue to grow like in rapid growth but not much room left in the market to do so Many companies try and force others out of the market by making decisions they cant sustain in the long run Saturation Little or no new growth Maintenance marketing If increasing costs (ex: if you change the packaging) but there is no increase in sales, then you have to increase the price to keep the same profit Decline Never should happen; would be due to mistakes (small decline possible but should come back; real decline shouldnt happen) Only reason you should be there is if the entire industry is there (due to legal/political changes) Product life cycle with profit per unit compared to product life cycle with sales revenue Shows diminishing returns/growth in sales but its costing more and more to keep growing Lose money at first because it is a new product (start up costs) Decline phase: sales decreasing, profit = little, zero, or negative Can lead to product abandonment...
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Marketing Notes second test - Marketing Notes March 3 rd...

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