6 product policy Flashcards
diffusion ?
the process by which the adoption of an innovation spreads
what are factors that affect the rate of adoption?
CTACO
- complexity : how much learning is required
- tryability : how easy it is to try
- relative advantage : how much more advantage am i getting for this pdt compareed to what i have right now
- compatibility : how easy it is to intergrate into my current ecosystem
- observability: like testimonials
for the factors, what would be high or low that would hinder somone from not adopting?
high complexity
low tribally
low relative advantage
low compatibility
low observability
what are the categories of early adopters?
- innovators : quick to try anything new
- early adopters : fairly quick to adopt something new but adopt carefully
- early majority: more deliberate/practical
- late majority : skeptical only adopt when majority have tried it
- laggards: suspicious and have no desire to adopt (aviod them)
what is the chasm?
early sucess in teh marketplace with failure to reach mass market
-should adopt differently to each perceived value (since customers of different types see value differently)
what is the product life cycle?stepest/lowest and hoghest point?
represents the stages which products and servcoe diffuse through the market place
- analyzes current and future points of pdts to then serve as a guide to optimze decisions
- highest point is maturity stage but is where the decline starts
- growth stage is the steepest point becase early majoity are adding and so does late
- lowest intro
what are the four phases of product life cycle ? which adopters are associated with each? which phases should we lengthen or shorten ?
introduction : innovators and early adopters (shortern ideally)
growth: entered into early majority mkt (lengthen) - steepest point
maturity : last majority entering and no more growth/ less customer development (lengthen ideally) -
decline : people are leaving (ideally shortern)
planned obsolenece?
- making products go out of date or wear out faster on purpose so that people have to buy new ones sooner. This encourages customers to keep buying new versions of the product, even if the old one still works fine.
- plan for decline ahead of time
what are the four differences that products and services have from each other?
-intangible: creates problems
-inseparable
- heterogeneous (inconsistent)
- perishability (inventory)
intangible
- makes the pre-purchase process harder but you can try by having it feel tangible (progressive)
what are the three pre-purchase differences for intagability?
- high in search properties: when searching for it is easier to evaluate (before like clothes)
- high in experience properties: evaluate once experienced (vacation)
- high in credence properties: even after purchase hard to tell if it is good or not (car service)
inseparable
when it difficult to separate a service from the person offering service and service provider plus service and customer
-like hair cut you need both customer and stylist in same place if you hair cut was good but salon was dirty than there is a lower rate in service
what are indcators of service quality ?
- reliability : ability to perform service correctly first time
- responsiveness: : prompt service
- assurance : knowledge and courtesy of employees
- empathy
- tangibles : physical evidence of service
heterogeneous (inconstant)
everytime a service is delivered tehre is a unique factor that makes it inconsitent or hetro
perishability
- when a service is not sold when it is offered the service cannot be stored so there are fixed costs
- example: hair appointment (low cost) you do not have the opportunity to sell that missed appointment again
or high cost would be flight - when a seat is empty lost that oppt sell again
