Chp. 8 Marketing
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| New-Product Development | The development of original products, product improvements, product modifications, and new brands through the firm's own product development efforts.
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| Idea Generation | The systematic search for new-product ideas.
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| Idea Screening | Screening new-product ideas in order to spot good ideas and drop poor ones as soon as possible.
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| Product Concept | A detailed version of the new-product idea stated in meaningful consumer terms.
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| Concept Testing | Testing new-product concepts with a group of target consumers to find out if the concepts have strong consumer appeal.
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| Marketing Strategy Development | Designing an initial marketing strategy for a new product based on the product concept.
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| Business Analysis | A review of the sales, costs, and profit projections for a new product to find out whether these factors satisfy the company's objectives.
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| Product Development | Developing the product concept into a physical product in order to ensure that the product idea can be turned into a workable market offering.
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| Test Marketing | The stage of new-product development in which the product and marketing program are tested in realistic market settings.
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| Commercialization | Introducing a new product into the market.
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| Customer-Centered New-Product Development | New-product development that focuses on finding new ways to solve customer problems and create more customer-satisfying experiences.
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| Team-Based New-Product Development | An approach to developing new products in which various company departments work closely together, overlapping the steps in the product development process to save time and increase effectiveness.
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| Product Life Cycle | The course of a product's sales and profits over its lifetime.
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| Style | A basic and distinctive mode of expression.
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| Fashion | A currently accepted or popular style in a given field.
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| Fad | A temporary period of unusually high sales driven by consumer enthusiasm and immediate product or brand popularity.
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| Introduction Stage | The product life-cycle stage in which the new product is first distributed and made available for purchase.
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| Growth Stage | The product life-cycle stage in which a product's sales start climbing quickly.
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| Maturity Stage | The product life-cycle stage in which sales growth slows or levels off.
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| Decline Stage | The product life-cycle stae in which a product's sales decline.
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Created by:
tgrant01
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