Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
21 Cards in this Set
- Front
- Back
New-product development
|
The development of original products, product improvements, product modifications, and new brands through the firm's own R&D efforts.
|
|
Idea generation
|
The systematic search for new-product ideas.
|
|
Idea screening
|
Screening new-product ideas in order to spot good ideas and drop poor ones as soon as possible.
|
|
Product concept
|
A detailed version of the new-product idea stated in meaningful consumer terms.
|
|
Concept testing
|
Testing new-product concepts with a group of target consumers to find out if the concepts have strong consumer appeal.
|
|
Major stages in new-product development
|
1 - idea generation
2 - idea screening 3 - concept development & testing 4 - marketing strategy development 5 - business analysis 6 - product development 7 - test marketing 8 - commercialization |
|
Marketing strategy development
|
Designing an initial marketing strategy for a new product based on the product concept.
|
|
Business analysis
|
A review of the sales, costs, and profit projections for a new product to find out whether these factors satisfy the company's objectives.
|
|
Product development
|
Developing the product concept into a physical product in order to ensure that the product idea can be turned into a workable product.
|
|
Test marketing
|
The stage of new-product development in which the product and marketing program are tested in more realistic market settings.
|
|
Commercialization
|
Introducin a new product into the market.
|
|
Sequential product development
|
A new-product development approach in which one company department works to complete its stage of the process before passing the new product along to the next department and stage.
|
|
Simultaneous product development
|
An approach to developing new products in which various company departments work closely together, overlapping the steps in the product-development process to save time and increase effectiveness.
(team based development) |
|
Product life cycle (PLC)
|
The course of a product's sales and profits over its lifetime. It involves 5 distinct stages: product development, introduction, growth, maturity, and decline.
|
|
Style
|
A basic and distinctive mode of expression.
|
|
Fashion
|
A current accepted or popular style in a given field.
|
|
Fads
|
A fashion that enters quickly, is adopted with great zeal, peaks early, and declines very quickly.
|
|
Introduction stage
|
PLC stage in which the new product is first distributed and made available for purchase.
|
|
Growth stage
|
PLC stage in which a product's sales start climbing quickly.
|
|
Maturity stage
|
PLC stage in which sales growth slows or levels off.
|
|
Decline stage
|
PLC stage in which a product's sales decline.
|