Ch 11 Vocab 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 corporation
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 inapproprate for some other reason
Screening
a test to evaluate a new-product idea, usually before any prototype has been created
Concept Test
second stage of screening process, where preliminary figures for deamand, cost, sales, and profitability are calculated
Business Analysis
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
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, inlcuding a test product, to members of the product’s target market
Simulated (labratory) market testing
The decision to market a product
Commercialization
A product preceived as new by a potential adopter
Innovation
Process by which adoption of an innovation spreads
Diffusion
a concept that provides a way to trace the stages of a product’s acceptance, from introduction (birth) to its decline (death)
Product Life Cycle (PLC)
