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MKT Chapter 8
| Question | Answer |
|---|---|
| new product development | the development of original products, product improvements, product modification, and new brands thru the firm's own product-development 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 a new-product concept 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 market offer |
| test marketing | the stage of new-product development in which the product and marketing program are tested in realistic market settings |
| commercialization | introducing a new product into the market |
| customer-centered new-product development | new-product development that focuses on finding new ways to solve customer problems and create more customer-satisfying experiences |
| team-based new-product development | an approach to developing new products in which various company overlapping the steps in the product development process to save time and increase effectiveness |
| product life cycle | the course of a product's sales and profits over its lifetime. 5 stages: development, introduction, growth, maturity, decline |
| style | a basic distinctive mode of expression |
| fashion | a currently accepted or popular style in a given time period |
| fad | a temporary period of unusually high sales driven by consumer enthusiasm and immediate product or brand popularity |
| introduction stage | the new product is first distributed and made available for purchase |
| growth stage | product sales' start climbing quickly |
| maturity stage | sales growth slows or levels off |
| decline stage | product sales decline |
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stophammertime1290
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