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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 product development 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 communities of people- customers, employees, independent scientists and researchers, and even the public at large- into the new-product innovation process.
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Idea Screening
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Screening new-product ideas to spot good ideas and 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 state 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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Market 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 the new-product development in which the product and its proposed marketing program are tested in realist 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 (PLC)
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The course of a product's sales and profits over its lifetime. It involves five 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.
ex. formal, casual clothing |
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Fashion
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A currently accepted or popular style in a given field.
ex. business casual |
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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.
ex. Pet Rocks |
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Introduction Stage
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The PLC stage in which a new product is first distributed and made available for purchase.
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Growth Stage
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The PLC stage in which a product's sales start climbing quickly.
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Maturity Stage
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The PLC stage in which a product's sales growth slows or levels off.
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Decline Stage
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The PLC stage in which a product's sales decline.
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