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Principles of Marketing – Final Exam Review

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Material Covered:  Textbook chapters 11-16  Harvard Business Review article “The Buzz on Buzz”  Lecture slides  Videos (The Persuaders, Is Wal-Mart Good for America, The Merchants ... of Cool) Managing Products, Services & Brands  Product Lifecycle – know the stages of the product life cycle as well as how to diagram it (including stages, profit, sales) and be familiar with what marketing objectives might apply at each stage. Stages of product lifecycle—Introduction, growth, maturity, and decline. Profits peak in growth stage because of competition and aggressive pricing  Be familiar with ways to manage products through the life cycle stages Product modification- altering a product’s characteristics, such as quality, performance, or appearance to increase and extend the products sales. Market modification- company tries to find new customers, increase product’s use amongst existing customers, or create new use situations. Product repositioning- changing the place a product occupies in a consumers mind relative to other products. Reacting to competitor’s position Reaching a new market Catching a rising trend Changing the Value Offered—Trading up (additional features), Trading Down (reducing number of features, quality, or price) [Show More]

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