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5 Cards in this Set

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New Product
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.
Modification
alterations in or extensions of a firm's existing products and include new models, styles, colors, features, and brands
Minor Innovations
Items not previously marketed by a firm that have been marketed by others.
Major Innovations
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
THE PRODUCT LIFE CYCLE
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.