Cycles
Product Life Cycle and Technology Adoption Cycle
Which Economy does the United States have?
Mixed Economy
What is a physical good?
A tangible, material product that can be seen, touched, and owned
What are the 4 P's more formally known as?
The Marketing Mix
What is the name of Mr. Boucher's cat?
Mouse
What is "The Chasm"?
The transition from the early market to the mainstream market
This economy is centered around the passing down of customs/beliefs
Traditional Economy
What is a service?
An intangible activity performed for a customer
Why would a marketer use a SWOT Analysis?
To help decide whether to introduce a new product or service to the market
Where was Mr. Boucher a substitute teacher?
Bellmont Elementary, Middle, and High Schools
What happens in the Introduction and Growth Stages?
Intro: Slow sales growth, High marketing and development costs, and Limited consumer awareness
Growth: Increasing consumer acceptance, Growing market competition, and Expanding product availability
In this economy the central authority makes all economic decisions
Command Economy
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Daily Double:
List and Explain: What are the 3 main pricing strategies?
Premium pricing (high price, high quality)
Competitive pricing (similar to competitors)
Economy pricing (low price, basic features)
Where did Mr. Boucher go to college?
Lewis University
What happens in the Maturity and Decline Stage?
Maturity: Sales growth stabilizes, Established consumer base, and Increased competition
Decline: Decreasing sales, Emerging alternative technologies, and Reduced profitability
In this economy supply and demand rule the market
Market Economy
Marketing products and/or services through digital technologies
What are the 4 P's of Marketing?
Product, Price, Place, Promotion
Mr. Boucher's wife played this sport in college
Track & Field (Long Jump & Triple Jump)
What is the difference between the Early and Late Majority?
Early Majority consumers are Pragmatic and practical decision-makers, Carefully weigh benefits and costs, and Rely on endorsements and reviews.
Late Majority consumers Prefer established technologies, Believe more in tradition than progress, and Wait until technology becomes a standard.
What is a Mixed Economy?
Mix between command and market economies
The government participates in economic decisions along with consumers and firms
What is marketing?
The process of creating, communicating, and delivering value to customers
Strengths (I&P), Weaknesses(I&N), Opportunities(E&P), and Threats(E&N)
What are the names of Mr. Boucher's favorite students?
Journey and Nora