chapter 9 Flashcards

(38 cards)

1
Q

what are the two ways a firm can obtain new products

A

1) buying a whole company, a patent , or a license to produce someone else’s product
2) by a new product development efforts

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2
Q

new product development

A

The development of original products , product modifications, and new brands through the firm’s own product development efforts

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3
Q

The new product development process

A

1) idea generation
2) idea screening
3) concept development and testing
4) marketing strategy development
5) business analysis
6) product development
7) test marketing
8) commercialization ( introducing a new product into the market)

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4
Q

the product life-cycle strategies

A

1) product development
2) introduction
3) growth
4) maturity
5) decline

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5
Q

crowdsourcing

A

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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6
Q

product concept

A

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

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7
Q

concept testing

A

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

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8
Q

marketing strategy development

A

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

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9
Q

business analysis

A

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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10
Q

Product development

A

Developing the product concept into a
physical product or a detailed service
blueprint to ensure that the product idea
can be turned into a workable market
offering.

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11
Q

test marketing

A

stage of new product development in which the product and it proposed marketing program are tested in realistic market setting

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12
Q

Customer-centered new product
development

A

New product development that focuses
on finding new ways to solve customer

problems and create more customer-
satisfying experiences.

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13
Q

team- based new product development

A

new product development 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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14
Q

Product line

A

A group of products from a company
that are closely related because they
function in a similar manner, are sold to
similar customer groups, serve similar
customer needs, are marketed through
the same types of outlets, or fall within
given price ranges.

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15
Q

service intangibility

A

Services cannot be seen, tasted, felt,
heard, or smelled before they are
bought.

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16
Q

Service inseparability

A

Services are produced and consumed at
the same time and cannot be separated
from their providers.

17
Q

Service variability

A

The quality of services may vary greatly
depending on who provides them
and when, where, and how they are
provided.

18
Q

Service perishability

A

Services cannot be stored for later sale
or use.

19
Q

Service profit chain

A

The chain that links customer
satisfaction and profits for service firms
with employee satisfaction.

20
Q

internal marketing

A

Orienting and motivating customer-
contact employees and supporting

service employees to work as a team to
provide customer satisfaction.

21
Q

Interactive marketing

A

Training service employees in the fine art
of interacting with customers to satisfy
their needs.

22
Q

Brand equity

A

The differential effect that knowing
the brand name has on a customer’s
emotions, attitudes, and behaviors
related to the product or its marketing.

23
Q

Brand value

A

The total financial value of a brand.

24
Q

Store brand (or private label)

A

A brand created and owned by a reseller
of a product or service.

25
Co-branding
The practice of using the established brand names of two different companies on the same product.
26
Line extension
Extending an existing brand name to new forms, colors, sizes, ingredients, or flavors of an existing product category.
27
Brand extension
Extending an existing brand name to new product categories.
28
New product development
The development of original products, product improvements, product modifications, and new brands through the firm’s own product development efforts.
29
Crowdsourcing
Inviting broad communities of people— customers, employees, independent scientists and researchers, and even the public at large—into the new product innovation process.
30
Idea screening
Screening new product ideas to spot good ones and drop poor ones.
31
Product concept
A detailed version of the new product idea stated in terms that are meaningful to the consumer.
32
concept testing
Testing new product concepts with a group of target consumers to find out if the concepts have strong consumer appeal.
33
Team-based new product development
New product development in which various company departments work closely together, overlapping the steps in the product development process to save time and increase effectiveness.
34
Product life cycle (PLC)
The course of a product’s sales and profits over its lifetime.
35
Growth stage
The PLC stage in which a product’s sales start climbing quickly.
36
Maturity stage
The PLC stage in which a product’s sales growth slows or levels off.
37
Decline stage
The PLC stage in which a product’s sales fade away.
38