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ch. 8 mkt vocab

for exam 2

QuestionAnswer
New-product development the development of original products, product improvements, product modifications, and new brands through the firm's own product-development efforts
Intrapreneurship (bootlegging) ?
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
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
Test marketing the stage of new-product development in which the product and marketing program are tested in realistic mkt settings
Product life cycle the course of a product's sales and profits over its lifetime. it involves 5 distinct 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 product life-cycle stage in which sales growth slows or levels off
Decline stage tbe product life-cylce stage in which a product's sales decline
Created by: ss316908
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