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Princ. of Marketing

Kotler, Armstrong, Principles of Marketing 11th ed, Ch 9 vocab

QuestionAnswer
New-product development The development of original products, product improvements, product modifications, and new brands through the firms own R&D efforts.
Idea generation The systematic search for new-product ideas.
Idea screening Screening new-product ideas in order to spot good ideas and drop poor ones as soon as possible
Product concept A detailed version of the new-product idea stated in meaningful consumer terms.
Concept testing Testing new-product concepts with a group of target consumers to find out if the concepts have strong consumer appeal.
Marketing 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.
Product development Developing the product concept into a physical product in order to ensure that the product idea can be turned into a workable product.
Test marketing The stage of new-product development in which the product and marketing program are tested in more realistic market settings.
Commercialization Introducing a new product into the market.
Sequential product development A new-product development approach in which one company department works to complete its stage of the process before passing the new product along to the next department and stage.
Simultaneous (or team-based) 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.
Product life cycle (PLC) The course of a product’s sales and profits over its lifetime. It involves 5 different stages: product development, introduction, growth, maturity, and decline.
Style A basic and distinctive mode of expression
Fashion A currently accepted or popular style in a given field
Fad A temporary period of unusually high sales driven by consumer enthusiasm and immediate product or brand popularity
Introduction stage The product life-cycle stage in which the new product is first distributed and made available for purchase.
Growth stage The product life-cycle stage in which a product’s sales start climbing quickly
Maturity stage The stage in the product life cycle in which sales growth slows or levels off
Decline stage The product life-cycle stage in which a product’s sales decline
Created by: cannons
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