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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.
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.
A basic and distinctive mode of expression.
A current accepted or popular style in a given field.
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.