Chapter 11 Flashcards
A product new to the world, the market, the producer, the seller, or some combination of these
New Product
A plan that links the new-product development process with the objectives of the marketing department, the business unit, and the corporartion
New-Product Strategy
A marketing strategy that entails the creation of marketable new products; the process of converting applications for new technologies into marketable products
Product Development
The process of getting a group to think of unlimited ways to vary a product or solve a problem
Brainstorming
The first filter in the product development process, which eliminates ideas that are inconsistent with the organization’s new-product strategy or are obviously inappropriate for some other reason
Screening
A test to evaluate a new-product idea, usually before any prototype has been created
Concept Test
The second stage of the screening process where preliminary figures for demand, cost, sales, and profitability are calculated
Business Analysis
The stage in the product development process in which a prototype is developed and a marketing strategy is outlined
Development
A team-oriented approach to new-product development
Simultaneous Product Development
The limited introduction of a product and a marketing program to determine the reactions of potential customers in a market situation
Test Marketing
The presentation of advertising and other promotional materials for several products, including a test product, to members of the product’s target market
Simulated (Laboratory) Market Testing
The decision to market a product
Commercialization
A product perceived as new by a potential adopter
Innovation
The process by which the adoption of an innovation spreads
Diffusion
A concept that provides a way to trace the stages of a product’s acceptance, from it’s introduction (birth) to its decline (death)
Product Life Cycle (PLC)
