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product life cycle
concept that explain how products go through four distinct stages from brith to death: introduction, growth, maturity and decline
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introduction
the first stage of the product lfie cycle, in which slow growth follows the introduction of a new product in the marketplace
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growth stage
the second stage in the prodcut life cycle, during which the product is acepted and sales rapidly increase
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maturity stage
the third and longest stage in the product life cycle, in which sales peak and profit margins narrow
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decline stage
the final stage in the product life cule in which sales decrease as customer needs change
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sound service strategy
deal with the "before", "during," amd "after" phases of a product delivery
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"before" phase
- firms need to provide relevant info about the product offered
- choices of communication channels, time and location should be convenient for customers to place order
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"during" phase
- delivery, installation, and guarantess offered are key elements in the service offered by the firm
- proper billing and payment requirement practices
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"after" phase
firms should provide after-sales service that includes maintenance and repair support
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brand
a name, term, symbol or any other unique element of a product that identifies one firm's product(s) and sets it apart from the competition
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trademark
the legal term for a brand name, brand mark, or trade character, a trademark legally registered by a gover't obtains protetion for exclusive use in that country
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brand extension
aa new product sold with the same brand name as a strong existing brand
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family brand
a brand that a group of individual products or individual brands share
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national or manufacturer brands
brands that the manfacturer of the product owns
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store or private-label brands
brands that are owned and sold a specific retailer or distributor
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licensing
an agreement in which one firm sells another firm the right to use a brand name for a specific purpose and for a specific period of time
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co-branding
an agreement between two brands to work together in marketing new or existing products
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brand manager
a manager who is responsible for developing and implementing the marketing plan for a single brand
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product category manager
a manager who is responsible for developing and implementing the marketing plan for all the brands and products within a product category
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market manager
a manager who is responsible for developing and implementing the marketing plans for products sold to a specific customer group
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venture teams
groups of people within an organization who focus exclusively on the development of a new product
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