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29 Cards in this Set
- Front
- Back
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What is the systematic search for new products?
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Idea generation
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The first step of new product development is
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Idea Generation
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The Second Step of product development is
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Idea Screening
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The third Step of product development is
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Concept Development and Testing
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The fourth Step of product development is
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Marketing Strategy Development
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The fifth Step of product development is
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business analysis
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The sixth Step of product development is
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product development
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The Seventh Step of product development is
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test marketing
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The eighth Step of product development is
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commercialization
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Name the three parts of a marketing strategy in order
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Strategy Statment
Budget Long run marketing mix strategy |
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Business analysis is
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projecting profits, costs and whether is fits the companies objectives
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The product was just developed this stage is called
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Product development
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Which stage calls for a large jump in investment
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Product development
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When the product is introduced to actual market condition this is called
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test marketing
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Test marketing gives
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managment the final decision abut whether to launch a product.
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commercialization is
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introducing a new product to the market
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Sucessful new product development will happen unless
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the development process understands what the consumers need and value.
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Customer centered new product development
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focuses on new ways to solve customer problems
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My firm is in a highly competetive market and developing a new product being a smarty pants i would suggest
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team based new product development, overlapping the steps of the development process.
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Im collecting reviewing and eveluating news ideas, this is:
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and innovation managment system
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The five stages of a product life cycle are
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Product Development
Introduction Growth Maturity Decline |
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Define style
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a basic and distinctive mode of expression
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A currently accepted or popular style in a given field is
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a fashion.
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Define fads
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Temporarily high surges in sales due to brand popularity
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If the new product satisfies the market it will enter the
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growth stage
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Introduction stage
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when i product is first lauanched
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Modifying the market refers to
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when managment tries to increase the consumption of the current product
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When managment refers to harvesting they mean
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trying to reduce costs (advertising) and hope sales keep steady
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This increases profits in the short run
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harvesting
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