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