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.