Product life cycle
A pattern of sales and profits that typically change over time for a given product
Product Life Cycle
Segmentation criteria based on social and psychological characteristics such as lifestyle, attitudes, and interests of individuals.
Psychographics
what is the strategy of setting prices based on production costs plus a markup?
Cost-plus Pricing
An end user (not necessarily a purchaser) in the distribution chain of a good or service.
Consumer
Which of 4 elements has low market share and growth.
Dogs
Name four stages of the product life cycle.
Introduction, Growth, Maturity, and Decline
Type of Market Segmentation that uses age, gender, income, and education.
Demographic
Selling a product at a loss to attract customers to other profitable products.
Loss leader/ promotional pricing
A model to test the quality and costs before mass producing the product
Prototype
Which of the 4 elements is the most stable and high in earnings?
Cash cow
During which phase of the product life cycle are competing products introduced by other companies, which may lead to price competition and increased advertising costs?
Growth
The process of analyzing and classifying customers in a given market to create smaller, more precise target markets.
Market Segmentation
What is a price?
It is the cost of acquiring goods and services.
A non-tangible good that cannot be touched, like a spa day or getting a haircut.
Service
What is the purpose of the Boston Matrix
Helping business focusing on product with most potential
During this phase of the product life cycle, the business needs to decide whether to invest money to try and boost sales or to remove the product from sale.
Decline
Concentrating all marketing efforts on a small but specific and well defined segment of the population.
Niche market
Iphone uses what kind of pricing its products?
Price skimming
Packaging serves two main purposes. What are they?
Protection and Promotion
In these two categories of the Boston Matrix, the products are most likely to generate a positive cash flow.
Stars and Cash cows
To prevent a product from beginning to go into decline there are a variety of things that a business can do, which are called...
Extension strategies
The percentage of total sales earned by a company in a particular industry or product category.
Market Share
Pricing strategy that is based on the rivals prices.
Competitive pricing
This is the most difficult step is to think of a new product during the development process
Idea Generation
A good or service that a business will sell to the targeted markets to satisfy their needs or wants. Part of the Marketing Mix.
Product