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22 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 company's own R&D efforts.
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The main steps in main product development
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Idea generation> Idea screening> Concept development> Marketing development strategy> Business development> Business analysis> Product development> Test marketing> Commercialisation
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Idea generation
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The systematic search for new ideas
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Idea screening
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The sorting out of ideas in ordr to find the ideas that are the most promising.
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Product image
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The way consumers perceive an actual or potential product.
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Concept testing
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Testing new product concepts witha 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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A strategy for promoting company growth by offering modified or new products to current market segments; developing the product concept into a physical product to ensure the product idea can be turned into a workable product.
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Test Marketing
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The stage of new-product development in which the product and marketing program are introduced into more realistic market setting
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Commercialism
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Introducing a new product into the market
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Customer-centered new-product development
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Focuses on finding new ways to solve customers' problems and create more customers-satisfying experiences
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Sequential product development
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A new-product development approach in which one company department works individually to complete its stage of the process before passing the new product along to the next department and stage.
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Team-based new-products development
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An approach in the which company department work together in cross-functional teams, 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 during its lifetime. It involves 5 distinct stages: Product development, introduction, growth, maturity, and 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.
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Fad
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A fashion the enters quickly, is adopted with great zeal, peaks early and declines rapidly.
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Introduction stage
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The stage in the product life cycle when the new product is first distributed and made availabke for purchase.
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Growth stage
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The stage in the products life cycle when the product's sales start climbing rapidly.
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Maturity stage
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The stage in the products life cycle when sales growth slows or levels out
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Decline stage
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The stage in the product's life cycle when the product's sales begin to fall.
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