| A | B |
|---|
| Product Life Cycle | A theoretical model of what happens to sales and profits for a product class over time. |
| Want | Not required for survival |
| Early Adoptors | They are well respected by their peers and often are opinion leaders. They tend to be younger, more mobile, and more creative than later adopters. But unlike innovators, they have fewer contacts outside their own social group or community. Business firms in this category also tend to be specialized |
| Need | Basic requirement for survival. |
| Mass Customization | Tailoring goods or services to the tastes of individual customers on a high-volume scale |
| Maturity | Stage of the PLC that involves Maximizing profit while defending market share |
| Growth | Stage of the PLC that involves maximizing Market Share |
| Product Service Management | A marketing function that involves obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities. |
| Embellish | to add ornamental or fictitious details |
| Laggards | Last group to embrace new ideas and influence no one. less educated and less informed. Rely on neighbors and friends as main source of info |
