BU121 Chapter Notes - Chapter 4: Online Advertising, Customer Relationship Management, Positio
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Curve that describes the different types of customers who purchase products throughout its life cycle: the blue curve is the product life cycle. Eager to try the new product: early adopters. Buy the new product as it starts to gain a little market share: early majority. Will wait until the new product is proven and plenty of people are using it: late majority. Only buy products that are proven and have good price points: laggards. Te(cid:374)d to (cid:373)ake pur(cid:272)hases if it is a(cid:271)solutely (cid:374)e(cid:272)essary, do(cid:374)"t (cid:449)a(cid:374)t to (cid:271)uy. Ho(cid:449) the (cid:272)o(cid:373)pa(cid:374)y pla(cid:374)s to (cid:271)uild (cid:272)usto(cid:373)er relatio(cid:374)ships o(cid:448)er its life to fulfil its (cid:272)o(cid:373)pa(cid:374)y"s mission statement. Marketing plans change constantly as the product moves through the life cycle. Intangible benefits that the customers receive from the product as measured against what they paid for it. Companies will try to create and market the product to maximize this. Brand strategy: set of de(cid:272)isio(cid:374)s a(cid:271)out the (cid:271)ra(cid:374)d"s positio(cid:374) i(cid:374) the (cid:373)arketpla(cid:272)e.
