Marketing The Core Chapter 10

Product Life-Cycle
The stages a new product goes through in the marketplace: introduction, growth, maturity, and decline
Branding
An organization’s use of a name, phrase, design, symbol, or combination of these to identify and distinguish its products
Brand Personality
A set of human characteristics associated with a brand name
Brand Equality
The added value a brand name gives to a product beyond the functional benefits provided
Multiproduct Branding
A branding strategy in which a company uses one name for all its products in a product class
Multibranding
A branding strategy that involves giving each product a distinct name
Seven Ps of Services Marketing
Expanding the four Ps framework to include people, physical environment, and process
Product Life Cycle: Introduction Phase
stimulate trial
primary demand
selective demand
skimming strategy
penetration pricing
Product Life Cycle: Growth Stage
– rapid sales growth
– repeat purchase
-new features
-broad distribution
Product Life Cycle: Maturity Stage
– industry/product
– product differentiation
– fewer competitors
Product Life Cycle: Decline stage
– industry/ product
– environmental changes
– deletion
-harvesting
How to chart the Product Life Cycle
– length of PLC
-shape of PLC
How to Manage the Product Life Cycle?
– product respotioning
– trading up or down
– downsizing
– reacting to a competitor’s position
– reaching a new market
– catching a rising trend