Marketing Midterms 2
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What Factors differentiate Services from goods?
What are Intangible goods/service?
Images that are used to aid customers and convey benefit of value
What are the 4 types of Gaps?
- -Knowledge Gap
- -Standards Gap
- -Delivery Gap
- -Communications Gap
What are the sections for the "Diffusion of Innovation"
- Innovators (2.5%)
- Early Adopters (13.5%)
- Early Majority (34%)
- Late Majority (34%)
- Laggards (16%)
Introduction Stage (Product Life Cycle)
- -Sales are Low
- -Profits are negative or low
- -Typical consumers are innovators
- -One or few competitors
Growth Stage (Product Life Cycle)
- -Sales are rising
- -Profits are rapidly rising
- -Typical consumers are Early adopters and Early majority
- -Few but increasing competitors
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
Decline Stage (Product Life Cycle)
- -Sales are Declining
- -Profits are Declining
- -Typical Consumers are Laggards-Low number of competitors
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
What is a Lead User?
- -Modify existing products according to their own specific needs
- -85% of new products come from Lead Users
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
What is the AIDA model?
Attention, Interest, Desire, Action
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