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21 Cards in this Set
- Front
- Back
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new-product development
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the development of original products, product improvements, product modifications, and new brands through the firm's own R&D efforts
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idea generation
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the systematic search for new-product ideas
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crowdsourcing
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inviting broad communitiesof people - customers, employees, independent scientists and researchers, public - into the new-product innovation process
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idea screening
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screening new-product ideas to spot new ideas and to drop poor ones as soon as possible
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product concept
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a detailed version of the new-product idea stated in meaningful consumer terms
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concept testing
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testing new-product concepts with a group of target consumers to find out if the concepts have strong consumer appeal
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marketing strategy development
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designing an initial marketing strategy for a new product based on the product concept
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business analysis
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a review of the sales, costs, and profit projections for a new product to find out whether these factors satisfy the company's objectives
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product development
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developing the product concept into a physical product to ensure that the product idea can be turned into a workable market offering
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test marketing
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the stage of new-product development in which the product and its proposed marketing program are tested in more realistic market settings
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commercialization
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introducing a new product into the market
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customer-centered new-product development
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new-product development that focuses on finding new ways to solve customer problems and create more customer-satisfying experiences
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team-based new-product development
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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
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product life cycle
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the course of a product's sales and profits over its life time - five stages: product development, introduction, growth, maturity, decline
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style
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a basic and distinctive mode of expression
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fashion
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a currently accepted or popular style in a given field
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fad
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a temporary period of unusually high sales driven by consumer enthusiasm and immediate product or brand popularity
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introduction stage
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the product life-cycle stage in which the new product is first distributed and made available for purchase
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growth stage
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the product's life-cycle stage in which a product's sales start climbing quickly
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maturity stage
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the product life-cycle stage in which sales growth slows or levels off
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decline stage
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the product life-cycle stage in which a product's sales decline
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