Marketing Midterms 2

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Author:
ec9366
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140136
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Marketing Midterms 2
Updated:
2012-03-06 22:52:48
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MKT
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Marketing Midterm 2
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  1. What Factors differentiate Services from goods?
    • -Inseparability
    • -Variability
    • -Perishability
    • -Intangibility
  2. What are Intangible goods/service?
    Images that are used to aid customers and convey benefit of value
  3. What are the 4 types of Gaps?
    • -Knowledge Gap
    • -Standards Gap
    • -Delivery Gap
    • -Communications Gap
  4. What are the sections for the "Diffusion of Innovation"
    • Innovators (2.5%)
    • Early Adopters (13.5%)
    • Early Majority (34%)
    • Late Majority (34%)
    • Laggards (16%)
  5. Introduction Stage (Product Life Cycle)
    • -Sales are Low
    • -Profits are negative or low
    • -Typical consumers are innovators
    • -One or few competitors
  6. Growth Stage (Product Life Cycle)
    • -Sales are rising
    • -Profits are rapidly rising
    • -Typical consumers are Early adopters and Early majority
    • -Few but increasing competitors
  7. Maturity Stage (Product Life Cycle)
    • -Sales are peaking
    • -Profits are at peak and start to decline
    • -Typical consumers are Late Majority
    • -High number of competitors and products
  8. Decline Stage (Product Life Cycle)
    • -Sales are Declining
    • -Profits are Declining
    • -Typical Consumers are Laggards
    • -Low number of competitors
  9. How are new products developed at Firms?
    • 1. Idea Generation
    • 2. Concept Testing
    • 3. Product Development
    • 4. Market Testing
    • 5. Product Launch
    • 6. Evaluation of Results
  10. What is a Lead User?
    • -Modify existing products according to their own specific needs
    • -85% of new products come from Lead Users
  11. What is the Long Tail Strategy?
    • -Selling a large number of unique items in relatively small quantities
    • -Selling a small number of popular items in large quantities
    • -Helps businesses to realize significant profit
  12. What is the AIDA model?
    Attention, Interest, Desire, Action

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