Chapter 9- Product Management

Front 1

What 3 key areas is product management concerned with?

Back 1

1. the internal organization structure

2. the allocation of resources for new products

3. dealing with changing market conditions as products progress through their life cycle

Front 2

True or false?

Developing and launching new products involves 7 steps: idea generation, screening, concept development, business analysis, product development, test marketing & commercialization.

Back 2

true

Front 3

Describe the concept development stage

Back 3

the product idea is presented to customers (potential target market) for evaluation, how do they react, would they buy it?

Front 4

Describe the business analysis

Back 4

The manager conducts formal review of ideas judged to have financial promise: sales, costs and ability to product and market efficiently are considered

Front 5

True of false?

step 5 is product development which includes a prototype product developed for evaluation by consumers. characteristics and design may change based on feedback

Back 5

true

Front 6

Key product management decisions include:
(4)

Back 6

product modifications, product mix expansion, brand design and maintenance or withdrawal

Front 7

True or false?

time, sales and profits determine the products stage in the life cycle?

Back 7

true

Front 8

What are the 4 stages of the product life cycle

Back 8

introductory, growth, maturity, decline

Front 9

high failure rates, little competition, limited distribution, negative profits are all apart of which stage?

Back 9

introductory stage

Front 10

provide key identifiers of the growth stage

Back 10

increasing rates of sales, entrance of competitors, initial healthy profits, wider distribution

Front 11

saturated markets, sales increase, lengthened product lines, niche marketers emerge are all key identifiers of which stage?

Back 11

maturity stage

Front 12

describe the decline stage

Back 12

long-run drop in sales, large inventory of unsold items, elimination of nonessential marketing expenses

Front 13

How can a manager extend a product lifecycle?

(rejuvenation strategies)

Back 13

attract new markets

alter products

introduce new product lines

change other marketing mix elements

Front 14

what are the 5 stages of consumer adoption process?

Back 14

1. awareness

2. interest

3. evaluation

4. trial

5. action

Front 15

define adoption

Back 15

refers to a series of stages a consumer passes through on the way to purchasing a product on a regular basis.

Front 16

True or false?

innovators, early adopters, early majority, late majority and laggards are all apart of the adopter life cycle?

Back 16

false- they are apart of the adopter categories