Crowdsourcing: Inviting broad communities of people into new product innovation process
Idea screening: Screening new product ideas to spot bad ideas and drop good ones
Product concept: detailed version of new-product idea stated in meaningful consumer terms
Concept testing: testing new-product concepts without group of target consumers
The first part of the marketing strategy statements describes
target market
planend value proposition
products planned price
profit goals
marketing budget
The second part of marketing strategy statement outlines
market share
distribution
planned long-run sales
The third part of marketing strategy statement describes
planned long run sales
marketing mix strategy
Business analysis: Review of sales, costs and profit projections for new product to find out it companies objectives will be satisfied
Product development: developing product concept into physical product
Test marketing : stage of new product development in which product is tested in realistic market settings
Commercialization: introducing new product into market
Customer-centered new-product development : focuses on finding new ways to solve customer problems and create more satisfying experiences for them
Team-based new-product development: various company departments work closely together, saving time and increasing effectiveness is not important
Systematic new-product development: compartmentalized (aufgegliedert) rather than holistic (ganzheitlich)
In difficult times innovation more often hurts than helps
Product life cycle: course of a products sales and profits over time
The product life cycle involves how many stages?
3
5
6
The stage in which a new product is first distributed and made available for purchase
Introduction stage
Growth stage
Maturity stage
Decline Stage
The stage in which a producers sales start climbing quickly
Decline stage
Stage in which products sales growth slows or levels off
Stage in which a products sales decline
What is the marketing objective during the maturity stage?
Maxime market share
Maximize Profit while defending the market share
reduce expenditure
What is the marketing objective during the growth stage?
maximize market share
maximize profit while defending market share
Style?
basic and distinctive mode of expression (several periods of renewed interest)
currently accepted or popular style ( grows slowly, remain popular for a while, decline slowly )
temporary period of high sales driven by consumer enthusiasm (immediate brand popularity)
Fashion?
Fad (Modeerscheinung)?
Price is the amount of money charged for a product/service
Good-value pricing: Offering the right combination of quality and good service at a fair price
Value-added pricing: attaching value-added features to differentiate a companies offer without charging higher prices
Fixed costs: costs that vary with production or sales value
Setting prices based on costs for producing, selling the product- is defined by the term:
Cost-based pricing
Value-based pricing
Setting price based on buyers perceptions of value - term?
Value-based Pricing
Variable costs: costs that vary with level of production
Total costs: fixed costs divided by variable costs
Cost-plus pricing can also be called markup pricing
Cost-plus pricing means adding a standard markup to the costs of the product
Break-even pricing (target return pricing): setting price to break even on the costs of making
Setting prices based on comeptitos strategies,prices, costs and market offering is called "Competition Based Pricing "
Setting a high price for new product to skim maximum revenues (Erträge) from segments willing to pay the high price (few but profitable sales)
Market-skimming pricing
Market-penetration pricing
Setting low price for new product to attract large number of buyers and large market share
Sellers must set prices without talking to competitors
price fixing
predatory pricing
unfair price discrimination
decepetive pricing
Selling below costs with the intention to punish competitor
deceptive pricing
sellers have to offer same price terms to customers at a given level of trade
Retail or resale price maintenance : manufacturer cannot require dealers to charge s specified retail price for its product
Seller states prices or price savings that mislead consumers or are not actually available to consumer
