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20 Cards in this Set

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