A strategy used in competitive, high-technology markets in order to stay ahead of your competitors and keep your customers loyal to your company.
What is product development?
100
This chart represents the sales of a product over time.
What is the product life cycle?
100
Price that is similar to all the other products?
What is competitive pricing?
100
A kind of demand where many people will stop buying because the price goes up. Or, a product that many more people will buy because the price goes down.
What is relatively elastic demand?
200
Marketing Mix: Based on Market Research, you decide WHAT to make and how it will be packaged.
What is Product?
200
This gives a consistent image of your company, that lets customers remember you and (hopefully) associate you with good quality.
What is a brand image?
200
The stage of slow sales because the product is new.
What is introduction?
200
Setting the price very low so that many people will buy the product right away.
What is penetration pricing?
200
A kind of demand where few people will stop buying because the product becomes more expensive.
What is inelastic demand?
300
Marketing Mix: low enough so people will still want the product, but high enough so you can earn.
What is Price?
300
When your customers first see your product, they usually see this first.
What is packaging?
300
Fast-growing sales
What is growth?
300
Pricing the product at a high level so that you can earn back the cost of research and development.
What is market-skimming?
300
What kind of demand does a product have if, no matter how expensive it is, people are forced to buy the product?
What is perfectly inelastic?
400
Marketing Mix: How are you going to advertise your product?
What is Promotion?
400
These are the three main roles of product packaging.
What are protection, information, recognition.
400
Sales are becoming less and less every month.
What is decline?
400
Selling a product for a low, low price (or even at below cost, so the company loses money for every product sold) so that people will buy related products (and this is where the real profit comes from).
What is loss-leader pricing?
400
A kind of demand where no matter what price it is, people simply stop buying the product.
What is perfectly elastic?
500
Marketing Mix: Where or How you decide to sell your product.
What is Place?
500
Not in the book: A symbol that makes customers recognize and remember your company.
What is a logo?
500
What do you use to delay the decline stage in the product life cycle?
Extension strategies
500
Not in the book: pricing used to make people think a product is cheaper than it actually is. Example: Toothpaste is $2.99