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Cards In This Set
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Product life cycle
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Describes the stages a new product goes through in the marketplace: introduction, growth, maturity, and decline
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Trial
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The initial purchase of a product by a consumer
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Primary Demand
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The desire for the product class rather than for a specific brand
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Selective Demand
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The preference for a specific brand
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Skimming
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A high initial price
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Penetration pricing
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Pricing a product low to discourage competitive entry
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Growth stage of the product life cycle
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Characterized by rapid increase in sales
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Maturity stage
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Characterized by a slowing of total industry sales or product class revenue
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Repeat purchasers
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People who tried the product, were satisfied, and bought again
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Decline stage
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Occurs when sales drop.
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Product deletion
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Dropping the product from the company's product line. This is the most drastic strategy
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Harvesting
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When a company retains the product but reduces marketing costs.
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Consumer products
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Which has shorter life cycle: consumer products or business products?
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High-learning product
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A product for which significant customer education is required and there is an extended introductory period.
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Low-learning product
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Sales for this product begin immediately because little learning is required by the consumer, and the benefits of purchase are readily understood
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