Public Interaction Flashcards
(12 cards)
Technology Push
When a product becomes possible as a result of technological developments.
Market Pull
When demand for a product by consumers drives its development.
Radical Product Innovation
When a product comes about through technological breakthrough or the application of a technology has a far-reaching impact.
Incremental Product Innovation
Small improvements to a product over time.
Product Lifecycle
The amount of time a product goes from being introduced to being taken off the shelves.
Stages of a Product Lifecycle
- Introduction
- Growth
- Maturity
- Decline
Fad Product
Temporary periods of unusually high sales driven by consumer enthusiasm and product popularity.
Flop Product
When a product does not perform as expected, does not satisfy consumer needs or experiences significant issues/defects.
Market Segmentation
Dividing a market of customers into groups (segments) based on different characteristics.
Target Market
Who the product is aimed at.
Market Trends
Patterns in buying habits.
The Four Ps
Product
Price
Promotion
Place
