it means creating new functions and features to meet customer needs in new and exciting ways. Ex. iPhone 13 5G, Camera Quality
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15
What is a distribution channel?
a place for customers to purchase or receive products
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eraser
Reset score!
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magnet
Take 5 points!
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rocket
Go to first place!
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thief
Give points!
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25
15
What is the growth phase of the product life cycle?
More customers are learning about the product and sales are increasing
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heart
Other team wins 20 points!
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gift
Win 25 points!
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rocket
Go to first place!
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baam
Lose 20 points!
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15
What does the product-life cycle describe?
the birth, growth and death of a product
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15
What are the four P's of the marketing mix?
1) price 2) product 3) promotion 4) place
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15
What does product distribution mean?
to deliver the product to customers
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thief
Give points!
5
10
15
20
25
fairy
Take points!
5
10
15
20
25
gift
Win 20 points!
Okay!
baam
Lose 10 points!
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15
What is a unique selling point (USP)?
The thing that makes your product special, the best option, different from competitors. The USPs is aimed towards delighting your customer.
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trap
No points!
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shark
Other team loses 20 points!
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shark
Other team loses 10 points!
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banana
Go to last place!
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15
What pricing strategy should we use and why? (Initial release)
1) Penetration pricing - lower price than competitors initially, then increase 2) Skimming - take as much from customer initially as possible 3) Loss leader
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15
Describe the Introduction phase of the product life cycle?
the product is released, there are few customers and sales yet because customers still don't know about the product.
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15
What does it mean to modify the product?
change the product in some way to fight the product life cycle (saturation and decline) by introducing new things
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15
What is the decline phase of the product life cycle?
The product has been out for a while, competitors with new offerings are entering the market, customer needs are changing, time for something new.
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15
What is the maturity (saturation) phase of the product life cycle?
the product has sold to many customers, new customers are hard to find
