Marketing Chapter Nine

  1. Product Life?
    • Describes the stages a really new product idea goes through from begining to end.
    • 1. Market Introduction
    • 2. Market Growth
    • 3. Market Maturity
    • 4. Sales Decline
  2. Market Introduction?
    Sales are low as a new idea is first introducedto a market.
  3. Market Growth?
    Industry sales grow fast- but industry profits rise and then start falling.
  4. Market Maturity?
    Industry sales level off and competition gets tougher.
  5. Sales Decline?
    New products replace the old.
  6. New Product?
    One is that is new in any way for the company concerned.
  7. Federal Trade Commision?
    The federal govrnment agency policies antimorphology laws.
  8. Consumer Product Safety Act?
    Set up the Consumer Product Safety Commision to encourage safety in product design and better quality control.
  9. Product Liability?
    refers to the legal obligation of sellers to pay damages to individe ls who are injured by detectiveor unsafe products.
  10. Product Managers or Brand Managers?
    Manage specific products- often taking over the jobs formerly handled by an advertising manager.
  11. Total Quality Management?
    The philosophy that everyone in the organization is concerned about quality, throughout all of the firm's activities, to better serve customer needs.
  12. Continuous Improvement?
    A commitment to constantly make things better one step at a time.
  13. Pareto Chart?
    A graph that shows the number of times a problem cause occurs, with problem causes ordered from most frequent to least frequent.
  14. Fishbone Diagram?
    A visual aid that helps organize cause-and-effect relationships for "things gone wrong".
  15. Empowerment?
    Means giving employees the authority to correct a problem without first checking with management.
  16. Benchmarking?
    Picking a basis of comparison for evaluating how well a job is being done.
Card Set
Marketing Chapter Nine
Marketing Chapter Nine