Innovation & Product Strategy
A product that requires some learning but doesn’t radically change behavior is this type of innovation.
Dynamically continuous innovation
This term describes giving human traits to a brand.
Brand anthropomorphism
This relationship states that as price increases, quantity demanded decreases.
Law of demand
A seamless experience across all digital and physical channels is known as this.
Omnichannel marketing
This step in the selling process involves identifying potential customers.
Prospecting
These are the three layers of a product.
Core, actual, augmented
Co-branding where one brand is a component of another product.
Ingredient branding
A pricing strategy with a high initial price to skim revenue from willing buyers.
Price skimming
These are the individual interactions a customer has with a brand across the journey.
Touchpoints
Sales conducted from the office using phone, email, or virtual tools.
Inside sales
This NPD stage evaluates commercial viability before technical development begins.
Business analysis
In the communication model, this element represents how the receiver interprets the message.
Decoding
Two-part pricing is composed of these two components.
Fixed fee + variable usage fee
Wearables and smart appliances are examples of this technology trend.
Internet of Things (IoT)
The type of selling focused on long-term customer relationships.
Relationship selling
The first group to adopt a new product after innovators.
Early adopters
The three goals of advertising.
Inform, persuade, remind
When demand barely changes after a price increase, demand is described this way.
Inelastic
Short-form narrative content designed to build emotional connection online.
Digital storytelling
The systematic process of managing customer data and interactions.
Customer Relationship Management (CRM)
When a brand uses an existing brand name to launch a product in a new category.
Brand extension
Coordinating all promotional tools for a consistent message is known as this.
Integrated Marketing Communications (IMC)
This pricing approach starts low to build market share quickly and discourage competitors.
Penetration pricing
The overall perception formed from all brand interactions across time.
Customer experience (CX)
This step of the personal selling process handles buyer concerns before closing.
Handling objections