Term
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Definition
- Try to get the same customers to get more
- Gifts
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Term
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Definition
- Low market growth, high relative market share
- Cash cows
- Maintain
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Term
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Definition
- Focus on consumer
- Firms must take external focus whne planning
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Term
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Definition
- New to the world
- Learning process
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Term
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Definition
- High growth market, low relative market share
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Term
| Concentric Diversification |
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Definition
- Seeking products that have synergy to existing product
- (pharmacy buying out another pharmacy)
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Term
| Backward Integration Strategy |
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Definition
- Retailers buying something behind them
- (ex. distribution centers, Sears/Whirpool, Walmart)
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Term
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Definition
- Establish product to new market
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Term
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Definition
- Unique set of products responsible for profitability
- Control over success factors
- Homogeneous set of markets
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Term
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Definition
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Term
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Definition
- Scope, missions, & resource allocation
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Term
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Definition
- Gave the power to regulate commercials
- Anything that endangers the public is illegal
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Term
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Definition
- Income that you have to pay bills that come every month
- Ex. food money
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Term
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Definition
- Trademark act
- Company loses trademarks to generic expression
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Term
| Federal Trade Commission Act 1914 |
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Definition
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Term
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Definition
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Term
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Definition
- Four things to decide if monopoly:
- price discrimination
- tying arrangements
- exclusive dealing arrangements
- interlocking directory
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Term
| Consumer Product Safety Act 1972 |
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Definition
- Make sure products are safe
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Term
| Federal Food & Drug Act 1906 |
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Definition
- Jurisdiction over companies that make food & drugs (sanitary)
- Regulate drug industry
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Term
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Definition
- Study of societies vital statistics
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Term
|
Definition
- Product is the same
- No barriers to entry, many suppliers
- Marketing strategies aren't needed
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Term
|
Definition
- Risk takers
- Buy products just because it's new
- 2.5%
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Term
|
Definition
- High competition and rise in profit
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Term
|
Definition
- Rivalry among present competitors
- High investment intensity
- Small firms, no dominate ones
- Lack of product differentiation
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Term
|
Definition
- Uncertain outcome of a purchase
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Term
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Definition
- charging low prices for a product
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Term
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Definition
- 2 or 3
- Few dominant producers control the industry
- Huge product differences
- Marketing is extremely important
- Price isn't used as a competitive tool
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Term
| Product Diffusion/Adoption Process |
|
Definition
- Aware
- Interest
- Evaluate
- Trial
- Accept or Reject
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Term
|
Definition
- Finding new uses for product
- Costs, profits, and sales are leveling up
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Term
|
Definition
- Some to many sellers
- Some barriers to entry
- Marketing is very important
- Innovating and changing product promotions
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Term
|
Definition
- They do what others do
- They evaluate product before buying
- 13.5%
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Term
|
Definition
- Limits price, ceiling on profitability
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Term
|
Definition
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Term
| New-to-the-World Products |
|
Definition
- Discontinuous innovation - never been seen befor
- New to customer and company
- 10%
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Term
|
Definition
- Minor or major changes
- Continious or dynamically continuous
- New to company but not necessarily customers
- 20%
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Term
|
Definition
- New to company and customer
- 26%
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Term
| Revisions or Modifications of Existing Products |
|
Definition
- New to customer but not company
- 26%
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Term
| Repositioning to New Customers |
|
Definition
- New to customer and company
- Entry into new markets
- 7%
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Term
|
Definition
- Modifications providing similar product performances at lower costs
- 11%
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Term
| Determinents for Success for Pioneers |
|
Definition
- High barriers entry
- Cuts down amount of competition
- Sufficient size, resources, and competencies
- Enter on large scale
- Broad product line
- High product quality
- Heavy promotional expenditure
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Term
| Mass-Market Penetration Objective |
|
Definition
- Capture and maintain a commanding share of total market
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Term
| Relevant Competencies of Mass-Market Penetration |
|
Definition
- Lots of resources
- Strong engineering, channel management, & marketing skills
- Sufficient financial resources in advance of growth in demand
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Term
| Niche Penetration Objective |
|
Definition
- Capture and maintain a leading share of a marketing segment
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Term
| Niche Penetration is Appropriate for: |
|
Definition
- Limited engineering and marketing skills
- Insufficient finanacial resources
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Term
| Skimming and Early Withdrawl Objective |
|
Definition
- Recoup development and introduction costs
- Withdrawn when competition increases
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Term
| Relevant Competencies of Skimming and Early Withdrawl |
|
Definition
- Strong R&D and new product development skills
- Good marketing skills with limited resources
- Limited financial resources
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Term
| Potential Advantage of Followers |
|
Definition
- Ability to take advantage of pioneer's mistakes
- Ability to take advantage of latest technology
- Ability to take advantage of failure to commit sufficient resources
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Term
|
Definition
- Incorrect positioning
- Doesn't have quality
- Promotion
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