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20 Cards in this Set

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A product new to the world, the market, the producer, the seller, or some combination of these.
New Product
A plan that links the new-product development process with the objectives of the marketing department, the business unit, adn the corporation.
New-Product Strategy
A marketing strategy that entails the creation of marketable new products; the process of converting applications for new technologies into marketable products.
Product Development
The process of getting a group to think of unlimited ways to vary a product or solve a problem.
Brainstorming
The first filter in the product development process, which eliminates ideas that are inconsistent with the organization's new-product strategy or are obviously inappropriate for some other reason.
Screening
A test to evaluate a new-product idea, usually before any prototype has been created.
Concept Test
The second stage of the screening process where preliminary figures for demand, cost, sales, and profitability are calculated.
Business Analysis
The stage in the product development process in which a prototype is developed and a new marketing strategy is outlined.
Development
A team-oriented approach to new-product development.
Simultaneous Product Development
The limited introduction of a product and a marketing program to determine the reactions of potential customers in a market situation.
Test Marketing
The presentation of advertising and other promotional materials for several products, including a test product, to members of the product's target market.
Simulated (Laboratory) Market Testing
The decision to market a product.
Commercialization
A product perceived as new by a potential adopter.
Innovation
The process by which the adoption of an innovation spreads.
Diffusion
A concept that provides a way to trace the stages of a product's acceptance, from its introduction (birth) to its decline (death).
Product Life Cycle (PLC)
All brands that satisfy a particular type of need.
Product Category
The full-scale launch of a new product into the marketplace.
Introductory Stage
The second stage of the 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.
Growth Stage
A period during which sales increase at a decreasing rate.
Maturity Stage
A long-run drop in sales.
Decline Stage