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20 Cards in this Set
- Front
- Back
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Product Life Cycle
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the stages a really new product idea goes through from beginning to end
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Stages of a Product Life Cycle
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1) Market Introduction
2) Market Growth 3) Market Maturity 4) Sales Decline |
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Fashion
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The currently accepted or popular style. Fashion related products tend to have short life cycles.
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Fad
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An idea that is fashionable only to certain groups who are enthusiastic about it
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New product
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one that is new in any way for the company concerned
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Federal Trade Commission
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The federal government agency that polices antimonopoly laws. FTC says to be a new product, product must be changed in a "functionally significant or substantial respect" and is only new for six months.
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New Product Development Process
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1) Idea Generation
2) Screening 3) Idea Evaluation 4) Development 5)Commercialization |
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Idea Generation
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Ideas from customers and users, Marketing research, Competitors, other markets, Company people, Intermediaries, ect.
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Screening
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Strengths and weaknesses, Fit with objectives, Market trends, Rough ROI estimate
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Idea Evaluation
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Concept testing, reactions from customers, Rough estimates of costs sales and profits
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Development
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R&D, Develop model or service prototype, test marketing mix, revise plans as needed, ROI estimate
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Commercialization
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Finalize Product and marketing plan, Start Production and marketing, "Roll out" in selected markets, Final ROI estimate
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Consumer Product Safety Act
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encourages safety in product design and better quality control. Can set safety standards, order repairs or return unsafe products, and back with fines and jail time
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Product Liability
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The legal obligation of sellers to pay damages to individuals who are injured by defective or unsafe products
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Concept testing
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getting reactions from customers about how well a new product idea fits their needs
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Total Quality Management
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The philosophy that everyone in the organization is concerned about quality
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Continuous improvement
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a commitment to constantly make things better one step at a time
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Pareto chart
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A graph that shows the number of times a problem cause occurs, with problem causes ordered from most frequent to least frequent
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Fishbone Diagram
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A visual aid that helps organize cause and effect relationships for "things gone wrong"
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Empowerment
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Giving employees the authority to correct a problem without first checking with management
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