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Product Adoption Process

Awareness, interest, evaluation, trial, adoption

Product life cycle

New product development


Introduction


Growth


Maturity


Decline

The marketing process

Create


Communicate


Deliver


Understand

2 ways to manage through the life cycle

1. Line extensions


1. Product modifications - aesthetic, quality, functionality/performance.

2 ways a customer can interpret price

Price seeking - motivated by higher prices as a reflection of higher quality.


Price aversion - seeking lower prices for greater value.

Pricing objectives

Specific, Measurable, Actionable, Reliable, Timetabled (SMART)