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41 Cards in this Set
- Front
- Back
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New products |
Are fun for customers,theyre fun for employees to work on, and they fuel the company income |
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New and improved goods and services to customers |
The primary way that companies make changes |
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Change is inevitable |
The macroenvironmental context continually shifts, and trends in drmographic create predictable transformation in market |
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Change is good |
New products increase a companys long term financial performance and value |
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New product development |
Involves conversations and interactions with the customer |
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Top down |
A company thinks a new idea, develop it ,a nd doesnt involve in the customer themselves, and the company then pursues them in development |
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Top down |
Often favored in companies with technical expertise |
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Top down |
Sometimes called inside out, because the idea comes from within the company. |
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Bottom up |
Referred to co creation |
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Customer feedback |
Is sought at the most phases in the process |
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New product development process |
Idea generation, market potential, concept testing, design and development, beta testing and launch |
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Good old fashioned, coffee dueked brainstirming |
The typical method of idea generation begins with |
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Conjoint procedure |
Different combinations of attributes are put togetger and compared |
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Beta version of the product |
Is made avvailable for trual consumption |
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Area test markets |
Are neat idea. |
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Electronic market idea |
Cool idea |
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Simulated test markets |
Are thr populae means of premarket launch tests. |
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Sales potential |
More like a ceiling |
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Purchase intension |
Likelihood that the target segment will buy the product. |
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Timing |
Bew product development can mive along fairly speedily for straightforward brand or line extensions in the context of a mature consumer packagrd good company |
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Product life cycle |
Describe the evaluation and duration of a product in a marketplace |
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Stages of product life cycle |
Market introduction, market growth, maturity, decline |
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Market introduction |
A new product is brought into a markepkace with hraving marketing spending |
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Market growth |
Sakrs accelerate and profits rise at first |
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Market growth |
At this stage, advertising is intended to persuade customets that brand is superior to all competitors brands |
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Market maturity |
Adveryising continues tryvti convinced customers |
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Market decline |
Final phase of product life cycle.sales and profits are both dropping and new products replacing older generations |
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Tipping point |
The point at which at which the product or idea catches on and moves like wildfire |
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P |
Called the coefficient innovation |
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Coefficient innovation |
Likelihood tgat someone will buy ir adopt new product due to information obtained frim marketer |
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Q |
Coefficient emitation |
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Coefgiciwnt emitation |
Likelihood that someone will buy or adopt new product through word of mouth |
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Heightening awareness |
First job in a new product launch |
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Market penetration |
Means hunkering down and trying to sell more the same stuff to customers |
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Product development |
Is for the company that wishes to be innovative |
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Market devopment |
The path that we take when we are settled on our product mix and we tbink thwre are more segment opportunitiex to target |
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Company |
Help to determine the low price point |
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Customer |
Help determine the high price point |
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Cimpetition |
Help determine sensible intermediate price pioint |
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Cost plus pricing |
Mark up above average cost |
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Loss leaders |
Sell below cost to bring in customers whobwill purchase othet oriducts |
