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Details Title: Marketing Definitions Description: Definitions for Vocabulary-Chapter 10: Basic marketing-A Marketing Strategey Planning Approach, McGraw Hill Publishing Co. Total Flash Cards: 13 Created: 10/09/2007 19:55:04	To study from this set of flash cards, or to create your own your own study flash cards, register HERE. If you are already a registered user, CLICK HERE.
Cards Term Product Life Cycle (4 stages) Definition describes the stages a really new product idea goes through from beginning to end; divided into four major stages 1. market introduction 2. market growth 3. market maturity 4. sales decline; marketing mix must change during this time Term Market Introduction (1 of 4 stages of Product Life Cycle) Definition salse are low as a new idea is first introduced to a market; customers not looking for a product Term Market Growth Stage (2 of 4 stages of Product Life Cycle) Definition industry sales grow fast but industry profits rise and then start falling; innovator begins to make big profits as more and more customers buy; competitors see opportunity and move in to market Term Market Maturity (3 of 4 stages of Product Life Cycle) Definition occurs when industry sales level off and competition gets tougher; profits go down throught stage Term Sales Decline Stage Definition new products replace the old; price competition from dying products becomes more vigorous Term fashion Definition the currently accepted or popular style; tend to have short life cycles Term fad Definition an idea that is fashionable only to certain groups who are enthusiastic about it; ex. low-carb diets Term new product Definition one that is new in any way for the company concerned Term Federal Trade Commission (FTC) Definition the federal government agency that polices antimonopoly laws Term Consumer Product Saftey Act-1972 Definition Set up a commission to encourage safety in product design and better quality control; sets safety standards for products Term Product liability Definition the legal obligation of sellers to pay damages to individual who are injured by defective or unsafe products Term Concept Testing Definition getting reactions from customers about how well a new-product idea fits their needs, uses market research for help in idea evaluation Term Product managers or brand managers Definition manage specific products; major responsibility-promotion