Understanding Sales Cannibalization in Marketing
Sales cannibalization refers to a situation where a company’s own products or services compete with each other for market share.
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What Is Product Complexity in Adoption of New Products
Product complexity refers to the level of intricacy or difficulty associated with a particular innovation. It can be categorized into three main types: technological complexity, usability complexity, and market complexity.
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What is Diffusion of Innovation?
Explore the five stages of innovation diffusion: awareness, interest, evaluation, trial, and adoption. Discover the characteristics and behaviors of each adopter group, including innovators, early adopters, early majority, late majority, and laggards.
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Sales Cannibalization Examples
Find a list of some real-life examples of sales cannibalization, to get a sense of what it is and how cannibalization can impact a brand.
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Understanding Opinion Leaders
Defining Opinion LeadersOpinion leaders are those people who are able to influence the purchase decisions of consumers. These consumers will view the opinion leader as having a strong degree of knowledge in regards to the product category or a good understanding of the social acceptability of a specific purchase.Generally, opinion leaders have more influence over
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Why do companies introduce new products?
There are many reasons why companies bring products to market place. The one we would naturally think of is to make more money, but that is generally only one of the reasons.Changing Consumer NeedsCompanies need to stay in touch the changing needs of consumers. Companies cannot remain with traditional product lines and expect them to
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Sales and Profit Forecasting
Financial forecasting in marketingPreparing a financial forecast is usually a key requirement in order to have a major marketing campaign, new product, or other marketing project approved. As in most cases, is there is a significant investment up front or during the early part of the campaign/project. Therefore, it becomes necessary to demonstrate that the
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Make the PLC: A Free Excel Template
The product life cycle template for Excel – available for free downloadOften students want to graph multiple products onto the product life cycle using an Excel spreadsheet or some other charting approach. Perhaps surprisingly, this is sometimes awkward to produce easily, given the focus on the Excel spreadsheet to produce graphs rather than images.Therefore, in
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New Products and the PLC
As it is possible to use the product life cycle as a portfolio analysis tool, which allows us to consider whether we have adequately provided for the future profitability for the firm/brand, it is an obvious that there is a strong connection between the product life cycle and the firm’s new product development requirements.Obviously virtually
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Marketing strategy approaches for each stage of the PLC
Marketing mix strategies during the introduction stageOffer a basic product with limited choices, as this also helps test the overall market demand/interest, while keeping costs and logistic challenges relatively lowUse marketing communications (IMC/promotion) that are effective in generating initial awareness and reaching innovators. Often specialist websites/blogs and magazines provide a specific audience, as well as
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