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20 Cards in this Set

  • Front
  • Back
New product
product new to the world, market, producer, seller, or some combination of these.
New-product strategy
plan that links the new-product development process with the objectives of the marketing development, the business unit, and the corporation.
Product development
marketing strategy that entails creation of marketable new products; process of converting applications for new technologies into marketable products.
Brainstorming
process of getting a group to think of unlimited ways to vary a product or solve a problem.
Screening
first filter in the product development process, eliminates ideas that are inconsistent with the organization's new-product strategy or are obviously inappropriate for some other reason.
Concept test
test to evaluate a new-product idea, usually before any prototype has been created.
Business analysis
second stage of the screening process where preliminary figures for demand, cost, sales, and profitability are calculated.
Development
stage in the product development process in which a prototype is developed and marketing strategy is outlined.
Simultaneous product development
team-oriented approach to a new-product development.
Test marketing
limited introduction of a product and a marketing program to determine reactions of potential customers in a market situation.
Simulated (laboratory) market testing
presentation of advertising and other promotional materials for several products, including a test product, to members of product's target market.
Commercialization
decision to market a product.
Innovation
product perceived as new by a potential adopter.
Diffusion
process by which adoption of an innovation spreads.
Product life cycle (PLC)
concept that provides a way to trace the stages of a product's acceptance, from its introduction (birth) to its decline (death).
Product category
all brands that satisfy a particular type of feed.
Introductory stage
full-scale launch of a new product into the marketplace.
Growth stage
second stage of product life cycle when sales typically grow at an increasing rate, many competitors enter the market, large companies may start to acquire small pioneering firms, and profits are healthy.
Maturity stage
period during which sales increase at a decreasing rate.
Decline stage
long-run drop in sales.