Chapter 11 Flashcards Preview

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Flashcards in Chapter 11 Deck (14):
1

A consumer who was happy enough with his or her experience with a product to use it again

Adopter

2

A product perceived as new by a potential adopter

Innovation

3

The process by which the adoption of an innovation spreads

Diffusion

4

A biological metaphor that traces the stages of a product's acceptance from its introduction (birth) to its decline (death)

Product Life Cycle

5

All brands that satisfy a particular type of need.

Product Category

6

The first stage of the PLC in which the full-scale launch of a new product into the marketplace occurs

Introductory Stage

7

The second stage of the PLC when sales typically grow at an increasing rate, many competitors enter the market, large companies might start acquiring small pioneering firms, and profits are healthy.

Growth Stage

8

The third stage of the PLC during which sales increase at a decreasing rate

Maturity Stage

9

The fourth stage of the PLC, characterized by a long-run drop in sales

Decline Stage

10

The first 2.5% of all those who adopt the product

Innovators

11

13.5% of adopters following the innovators (the Influencers), desire to talk to others about their experiences with goods and services

Early adopters

12

34.0% of adopters following the Early adopters, weight the pros and cons before adoptying a new product, deliberateness

Early majority

13

34.0% of adopters following the Early majority, rely on group norms, pressured to conform, skepticism

Late majority

14

Final 16% to adopt

Laggards