MKTG 2101 Study Guide - Final Guide: Marketing Strategy, Longrun, Kroger
23 Oct 2014
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Chapter 8: the product life cycle, product development. Team-based approach (various departments work closely together) Build product awareness among early adopters and dealers. Use heavy promotion to entice product trial: growth. Build awareness and interest in the mass market. Reduce to take advantage of heavy consumer demand: maturity. Maintain maturity stage by modifying the market, product, promotion, and price: decline. Reduce advertising just to level needed to retain hard-core loyals. Reduce expenditures and milk the brand: stages of new product development, idea generation. Using external sources (customers, competitors, supplies, distributors: idea screening. Process used to spot good ideas and drop poor ones. Evaluated using a criteria to determine if: there is a need for the product, the product offers a competitive advantage, it offers sufficient profit potential, concept development & testing. Product concept: detailed version of the new-product idea stated in meaningful consumer terms. Concept development: develop alternate product concepts for testing.
