M301 Chapter 9 And 10 Vocab

Front 1

the development of orifinal products, product improvements, product modifications, and new brands through the firm's own R&D efforts

Back 1

new-product development

Front 2

the systematic serch for new-product ideas

Back 2

idea generation

Front 3

screening new-product ideas in order to spot good ideas and drop poor ones as soon as possible

Back 3

idea screening

Front 4

a detailed version of the new product idea stated in meaningful consumer terms

Back 4

product concept

Front 5

testing new-product concepts with a group of target consumers to find out if the concepts have strong consumer appeal

Back 5

concept testing

Front 6

designing an initial marketing strategy for a new product based on the product concept

Back 6

markeing strategy development

Front 7

a review of the sales, costs, and profit projections for a new product to find out whether these factors satisfy the company's objectives

Back 7

business analysis

Front 8

developing the product concept into a physical product in orer to ensure that the product idea can be turned into a workable product

Back 8

product development

Front 9

the stage of new-product development in which the product and marketing program are tested in more realistic market settings

Back 9

test marketing

Front 10

introducing a new product into the market

Back 10

commercialization

Front 11

new-product development that focuses on finding new ways to solve customer problems and create more customer-satisfying experiences

Back 11

customer-centered new-product development

Front 12

an approach to developing new products in which various company departments work closely together, overlapping the steps in the product deveopment process to save time and increase effectiveness

Back 12

team-based new-product development

Front 13

the course of a product's sales and profits over its lifetime. It involves five distinct stages: product development, introduction, growth, maturity, and decline

Back 13

product life cycle (PLC)

Front 14

a basic and distinctive mode of expression

Back 14

style

Front 15

a currently accepted or popular style in a given field

Back 15

fashion

Front 16

a temporary period of unusually high sales driven by consumer enthusism and immediate product or brand popularity

Back 16

fad

Front 17

the product life-cycle stage in which the new product is first distributed and made available for purchase

Back 17

introduction stage

Front 18

the product life-cycle stage in which a products sales start climbing quickly

Back 18

growth stage

Front 19

the product life-cycle stage in which sales growth slows or levels off

Back 19

maturity stage

Front 20

the product life-cycle stage in which a product's sales decline

Back 20

decline stage

Front 21

the amount of money charged for a product or service, or the sum of the values that consumers exchange for the benefits of having or using the prduct or service

Back 21

price

Front 22

setting prices based on buyers' perceptions of value rather than on the seller's cost

Back 22

value-based pricing

Front 23

offering just the right combination of quality and good service at a fair price

Back 23

good-value pricing

Front 24

attaching value-added features and services to differentiate a company's offers and to support charging higher prices

Back 24

value-added pricing

Front 25

selling prices based on the costs for producing, distributing, and selling the product plus a fair rate of return for effort and risk

Back 25

cost-based pricing

Front 26

costs that do not carry with production or sales level

Back 26

fixed costs (overhead)

Front 27

costs that vary directly with the level of production

Back 27

variable costs

Front 28

the sum of the fixed and variable costs for any given level of production

Back 28

total costs

Front 29

the drop in the average per-unit production cost that comes with accumulated production experience

Back 29

experience curve (learning curve)

Front 30

adding a standard markup to the cost of the product

Back 30

cost-plus pricing

Front 31

setting prices to break even on the costs of making and marketing a product; or setting prices to make a target profit

Back 31

break-even pricing (target profit pricing)

Front 32

pricing that starts with an ieal seling price, then targets costs that wil ensure that the price is met

Back 32

target costing

Front 33

a curve that shows the number of units the market will buy in a given time period, at different prices that might be charged

Back 33

demand curve

Front 34

a measure of the sensitivity of demand to changes in price

Back 34

price elasticity