The systematic search for new product ideas.

Screening new product ideas to spot good ones and drop poor ones as soon as possible.

Testing new product concepts with a group of target consumers to find out if the concepts have strong consumer appeal.

The stage of new product development in which the product and its proposed marketing program are tested in realistic market settings.

Introducing a new product into the market.

The PLC stage in which a product's sales start climbing quickly.

A temporary period of unusually high sales driven by consumer enthusiasm and immediate product or brand popularity.

Product Life Cycle (PLC)

The course of a product's sales and profits over its lifetime. (Introduction, Growth, Maturity, Decline)

The PLC stage in which a product's sales growth slows or levels off.

Mkt Strategy Development

Designing an initial marketing strategy for a new product based on the product concept.

A review of the sales, costs, and profit projections for a new product to find out whether these factors satisfy the company's objectives.

Inviting broad communities of people—customers, employees, independent scientists and researchers, and even the public at large—into the new product innovation process.

Product Development Approach

Product development begins when the company finds and develops a new product idea. During product development, sales are zero, and the company’s investment costs mount.

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Chapter 8

Term	Definition
Idea Generation	The systematic search for new product ideas.
Idea Screening	Screening new product ideas to spot good ones and drop poor ones as soon as possible.
Concept Testing	Testing new product concepts with a group of target consumers to find out if the concepts have strong consumer appeal.
Test Marketing	The stage of new product development in which the product and its proposed marketing program are tested in realistic market settings.
Commercialization	Introducing a new product into the market.
Growth Stages	The PLC stage in which a product's sales start climbing quickly.
Fads	A temporary period of unusually high sales driven by consumer enthusiasm and immediate product or brand popularity.
Product Life Cycle (PLC)	The course of a product's sales and profits over its lifetime. (Introduction, Growth, Maturity, Decline)
Maturity Stage	The PLC stage in which a product's sales growth slows or levels off.
Mkt Strategy Development	Designing an initial marketing strategy for a new product based on the product concept.
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.
Crowd Sourcing	Inviting broad communities of people—customers, employees, independent scientists and researchers, and even the public at large—into the new product innovation process.
Product Development Approach	Product development begins when the company finds and develops a new product idea. During product development, sales are zero, and the company’s investment costs mount.

Created by: 3919773968045509

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