MCS 1000 Chapter Notes - Chapter 11+12+5: Viral Marketing, Internal Communications, Trade Secret

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 1000
• Professor: Sergio Meza

Document Summary

Product life cycle the stages a new product goes through in the marketplace: introduction, growth, maturity, and decline. Product class the entire product category or industry. (i. e. Product form variations of a product within the product class. (computing capability) Product modification altering a product"s characteristics, such as its quality, performance, appearance, features, or package to try to increase and extend the product"s sales. Market modification strategy in which a company tries to find new customers, increase a product"s use among existing customers, or create new-use situations. Product repositioning changing the place a product occupies in a consumer"s mind relative to competing products. Trading up adding value to a product (or line) through additional features or higher-quality materials. Trading down reducing the number of features, quality, or price. Downsizing reducing the content of packages without changing package size and maintaining or increasing the package price.