Chp 8 Flashcards
(36 cards)
What is Idea Generation?
The systematic search for new products (step 1 of major stages in product development).
What is Crowd Sourcing?
A company invites broad communities of people—customers, employees, independent scientists and researchers, and even the public at large—into the innovation process.
What is Idea Screening?
Screening new product ideas to spot good ones and drop poor ones as soon as possible (step 2).
What is Concept Testing?
Testing new product concepts with groups of target consumers (Step 3).
What is Market Strategy Development?
Designing an initial marketing strategy for introducing this car to the market (Step 4).
What is Business Analysis?
A review of sales, costs, and profit projections for a new product to find out whether these factors satisfy the company’s objectives (step 5).
What is Product Development?
Company growth by offering modified or new products to current market segment (step 6).
What is Test Marketing?
The stage of new product development in which the product and its proposed marketing program are tested in realistic market settings (step 7).
What is Commercialization?
Introducing a new product into the market (Last step).
What is Customer-centered new product development?
Focuses on finding new ways to solve customers’ problems and create more customer-satisfying experiences.
What is the Product life cycle?
The course that a product’s sales and profits take over its lifetime.
What is Stage one of PLC?
Product development begins when the company finds and develops a new product idea. During product development, sales are zero, and the company’s investment costs mount.
What is Stage 2 of PLC?
Introduction is a period of slow sales growth as the product is introduced in the market. Profits are nonexistent in this stage because of the heavy expenses of product introduction.
What is Stage 3 of PLC?
Growth is a period of rapid market acceptance and increasing profits.
What is Stage 4 of PLC?
Maturity is a period of slowdown in sales growth because the product has achieved acceptance by most potential buyers. Profits level off or decline because of increased marketing outlays to defend.
What is Stage 5 of PLC?
Decline is the period when sales fall off and profits drop.
What are Fads?
Temporary periods of unusually high sales driven by consumer enthusiasm and immediate product or brand popularity.
What is the Introduction Stage?
The PLC stage in which a new product is first distributed and made available for purchase.
What is Idea Generation?
The systematic search for new products.
Step 1 of major stages in product development.
What is Crowd Sourcing?
A company invites broad communities of people—customers, employees, independent scientists and researchers, and even the public at large—into the innovation process.
What is Idea Screening?
Screening new product ideas to spot good ones and drop poor ones as soon as possible.
Step 2.
What is Concept Testing?
Testing new product concepts with groups of target consumers.
Step 3.
What is Market Strategy Development?
Designing an initial marketing strategy for introducing a product to the market.
Step 4.
What is Business Analysis?
A review of sales, costs, and profit projections for a new product to find out whether these factors satisfy the company’s objectives.
Step 5.
