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22 Cards in this Set
- Front
- Back
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New Product Development Process (IICMBPTC)
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Idea Generation
Idea Screening concept development and testing market strategy development business analysis product development test marketing commercialization |
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product life-cyle strategies (PIGMD)
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Produce Development
introduction stage growth stage maturity stage decline stage |
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The development of original product, product improvements, product modifications, and new brands through the firm's own product-development efforts
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new product development
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systematic search for new product ideas
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idea generation
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screening new product ideas in order to spot good ideas and drop poor ones as soon as possible
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idea screening
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a detailed version of the new product idea stated in meaningful comsumer terms
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product concept
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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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concept testing
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designing an initial marketing strategy for a new product based on the product concept
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marketing strategy development
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a review of sales, costs, and profit projections for a new product to find out whether these factors satisfy the company's objectives
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business analysis
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developing the product concept into a physical product in order to ensure that the product idea can be turned into a workable market offering
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product development
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stage of new product development in which the product and marketing program are tested in realistic market setting
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test marketing
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introducing a new product into the market
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commercialization
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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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customer-centered new-product development
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an approach to developing new product 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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team-based new-product development
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course of a product's sales and profits over its lifetime.
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product life cycle
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basic and distinctive mode of expression
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style
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currently accepted or popular style in a given field
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fashion
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temporary period of unusually high sales driven by consumer enthusiasm and immediate product or brand popularity
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fad
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product life-cycle stage in which the new product is first distributed and made available for purchase
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intro stage
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the product life-cycle stage in which a product's sales start climbing quickly
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growth stage
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a product life-cycle stage in which sales growth slows or levels off
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maturity stage
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product life-cycle stage in which a product's sales decline
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decline stage
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