Marketing
product life cycle
A new product progresses through a sequence of stages from introduction to growth, maturity, and decline.
new task buy
A type of business purchase decision faced by buyers considering an important purchase but one the buyer has never or rarely made before and, consequently, will devote considerable time evaluating alternatives.
segmenting by behavior
A type of market segmentation based on differences in the consumption behavior of different groups of consumers, taking into account their lifestyles, patterns of buying and using, patterns of spending money and time, and similar factors.
segmenting by psychographics
Involves dividing your market into segments based upon different personality traits, values, attitudes, interests, and lifestyles of consumers.
market penetration
Is a measure of the amount of sales or adoption of a product or service compared to the total theoretical market for that product or service.
segmenting by demographics
Is market segmentation according to age, race, religion, gender, family size, ethnicity, income, and education.
needs and wants
Need - is a consumer's desire for a product's or service's specific benefit, whether that be functional or emotional. Want - the desire for products or services that are not necessary, but which consumers wish for.
price vs value
Price - is the amount of money paid by the buyer to the seller in exchange for any product and service. Value - refers to the perception of benefits received for what someone must give up.
price vs quality
Price - is the amount of money paid by the buyer to the seller in exchange for any product and service. Quality - The characteristics of a product or service that bear on its ability to satisfy stated or implied needs
adoption rate factors
Seeks to explain how new ideas or innovations (such as the HHK) are adopted, and this theory proposes that there are five attributes of an innovation that effect adoption: (1) relative advantage, (2) compatibility, (3) complexity, (4) trialability, and (5), observability.
types of utility and how they are provided
Their are Four : Possession, Time, Place, Form
SWOT analysis
a study undertaken by an organization to identify its internal strengths and weaknesses, as well as its external opportunities and threats.
product development
also called new product management, is a series of steps that includes the conceptualization, design, development and marketing of newly created or newly rebranded goods or services.
situational influences
are temporary conditions that affect how buyers behave—whether they actually buy your product, buy additional products, or buy nothing at all from you.
modified rebuy
is a buying situation in which an individual or organization purchase goods that have been purchased previously but changes either the supplier or some other elements of the previous order.
Boston consulting group (BCG) matrix
is a chart that was created by Bruce D. Henderson for the Boston Consulting Group in 1970 to help corporations to analyze their business units, that is, their product lines.
market development
is a growth strategy that identifies and develops new market segments for current products.
primary data
is information that you collect specifically for the purpose of your research project
product cannibalization
is the negative impact of a company's new product on the sales performance of its existing and related products.
straight rebuy
is the purchasing or reordering of supplies on a routine basis from a supplier who is on an approved list
consumer involvement
is the state of mind that motivates a consumer to make a purchase or the importance a consumer places on a product or service.
social influences
occurs when a person's emotions, opinions, or behaviors are affected by others.
observational research
or field research) is a type of correlational (i.e., non-experimental) research in which a researcher observes ongoing behavior.
Secondary data
refers to data that was collected by someone other than the user.
diversification
the action of making or becominɡ more diverse or varied.