Quiz #4 part 2 Flashcards
Idea Generation
the systematic search for new product ideas
Idea screening
screening new product ideas to spot good ones and drop poor ones as soon as possible
Concept development
testing new product concepts with a group of target consumers to find out if the concepts have strong consumer appeal
Marketing strategy development
designing an intial marketing strategy for a new product to find out whether these factors saqtisfy the company’s objections
Product development
developing the product concept into a physical product to ensure that the product idea can be turned into a workable marketing offering
Test marketing
the stage of new product development at which the product and its proposed marketing program are tested in realistic market settings
Commercialization
introducing a new product into the market
Crowdsourcing
Inviting broad communities of people, customers, employees, researchers and even the public at large into the new product innovation process
Product development
begins when the company finds and develops a new product idea. During product development, sales are zero, and the companys investment costs
Introduction
a period of slow sales growth as the product is introduced in the market. Profits are non existent in this stage because of the heavy expenses of product introduction
growth
a period of rapid market acceptance and increasing profits
maturity
a period of slowdown in sales growth because the product has achieved acceptance or decline because of increased marketing outlays to defend the product against competition
Decline
the period when sales fall of and profits drop
advertising
any paid form of nonpersonal presentation and promotion of ideas, goods, or services by an identified sponsor
Sales promotion
Shot term incentives to encourage the purchase or sale of a product or service
Personal selling
personal customer interactions by the firms sales force for the purpose of engaging customers, making sales and building customer relationhips
Public relations
Building good relations with compnays various publics by obtaining favorable publicity building up a good corporate image and handling or heading off unfavorable rumors, stories and events
Direct and Digital marketing
engaging directly with carefully targeted individual consumers and customer communities to both obtain an immediate response and build lasting customer relationships.
