Product Marketing & Retail Flashcards

Product Marketing & Retail Flashcards
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Decline
The stage in the product life cycle where sales decline and remain permanently low.
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Maturity
The stage in the product life cycle where competing products drop from the market due to declining sales while other products invest heavily in marketing due to declining sales.
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Introduction
The stage in the product life cycle where other similar products have been introduced to the market and directly compete with the original product.
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Product life cycle
The process of introduction, growth, maturity and decline that most products experience in the marketplace.
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Late majority
A person who purchases a product after most of the people they know have already made the purchase.
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Innovator
A customer who will pay more for a product offering in order to be among the first to own the new product.
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Market strategy
The third stage of product development where the specific features of the product are determined. The price of the product is also determined in this stage.
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Idea screening
The second stage of product development where the possible costs and revenue are determined and weighed against other product ideas.
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Product development
The fourth stage of product development where the product is designed for the market.
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Idea generation
The first stage of product development where the idea for the product is created.
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21 cards in set

Flashcard Content Overview

One of the most important concepts in the marketing strategy is new product development. A business that fails to create new products can lose customers, market share and revenue. After a business has created a new product, it must find a way to get its product or service into the hands of the consumer. This is ultimately done through retailing. Review retailing and other concepts with this set of flashcards that covers product marketing and retail.

Front
Back
Idea generation
The first stage of product development where the idea for the product is created.
Product development
The fourth stage of product development where the product is designed for the market.
Idea screening
The second stage of product development where the possible costs and revenue are determined and weighed against other product ideas.
Market strategy
The third stage of product development where the specific features of the product are determined. The price of the product is also determined in this stage.
Innovator
A customer who will pay more for a product offering in order to be among the first to own the new product.
Late majority
A person who purchases a product after most of the people they know have already made the purchase.
Product life cycle
The process of introduction, growth, maturity and decline that most products experience in the marketplace.
Introduction
The stage in the product life cycle where other similar products have been introduced to the market and directly compete with the original product.
Maturity
The stage in the product life cycle where competing products drop from the market due to declining sales while other products invest heavily in marketing due to declining sales.
Decline
The stage in the product life cycle where sales decline and remain permanently low.
Product adaption
Modifying a product so as to make it more attractive to a different market segment.
Promotion adaption
Modifying the marketing tools used for a product so as to attract a different market segment.
Specialty store
A store that offers a large variety of a single type of product. An example of this would be a store that sells running shoes.
Awareness
The stage in the consumer adoption process where the consumer first learns about a new product that has been introduced to the market.
Trial
The stage of the consumer adoption process where the consumer tries a new product. This is usually combined with a method to mitigate the risk of the consumer, like a money back guarantee.
Discount store
A retail establishment that carries a large variety of products at reduced prices.
Revision of a new product
A product that has been modified to better meet the needs of the consumer.
Business analysis
The act of reviewing business data in order to make decision. In marketing this can be used to make the determination if a product is appropriate for its intended target market.
Retailing
The sale of good and services to the end user.
Growth
The stage in the product life cycle where a business must market the differences between their product and other similar products.
Chain store
A form of business ownership where a single person or entity owns a group of stores.

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