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5 Cards in this Set
- Front
- Back
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New Product
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1.) Def: Modification of an existing product or an innovation the consumer perceives as meaningful.
2.) Success: desirable attributes, be unique, and have features communicated to consumers. |
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Modification
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alterations in or extensions of a firm's existing products and include new models, styles, colors, features, and brands
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Minor Innovations
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Items not previously marketed by a firm that have been marketed by others.
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Major Innovations
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1.) Items not previously sold by other firms (first cell phone)
2.) Costs, risks, and time required for profitability rise 2.) Most products are modifications; few are major innovations |
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THE PRODUCT LIFE CYCLE
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concept that seeks to describe a product's sales, competitors, profits, customers, and mktg emphasis from its beginning until it's removed from the mkt.
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