MKT 100 Lecture Notes - Lecture 8: Life Insurance, Observability

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Gennadi Gevorgyan

Document Summary

Profits - negative or low, no competitors. Promotion - consumers informative to build awareness; distributors sales promotions to motivate carrying product. Profits - rapidly rising, more competitors entering market. Promotion - consumers persuasive; distributors sales promo to maintain. Profits - peak to declining, many competitors. Product - many versions, compete on features and benefits. Promotion - persuasive and reminder; sales promo to keep current customers and distributors. Modify the product by changing its characteristics. Modify the market by finding new users. Diffusion of innovation or consumer adoption cycle: Ve(cid:374)tureso(cid:373)e, do(cid:374)"t (cid:373)i(cid:374)d taki(cid:374)g a risk o(cid:374) a (cid:374)ew product: early adopters (13. 5%) Most important to marketers because of their capacity to influence others through word of mouth: early majority (34%) Adopt before the average person but are never among the first to try a new product, early adopters are their source of information: late majority (34%)