Chapter 11 Flashcards
New Product:
A product new to the world, the market, the producer, the seller or some combination of these.
New Product Strategy:
A plan that links the new-product development process with the objectives of the marketing department, the business unit, and the corporation.
Product Development:
A marketing strategy that entails the creation of marketable new products; the process of converting applications for new technologies into marketable products
Brainstorming:
The process of getting a group to think of unlimited ways to vary a product or solve a problem
Screening:
The first filter in the product development process, which illuminates ideas that are inconsistent with the organizations new-product strategy or obviously inappropriate for some other reason
Concept Test:
A test to evaluate a new product idea, usually before any prototype has been created
Business Analysis:
The second stage of screening process where preliminary figures for demand, cost, sales, and profitability are calculated
Development:
The stage in the product development process in which a prototype is developed and a marketing strategy is outlined
Simultaneous Product Development:
Team oriented approach to new-product development
Test Marketing:
The limited introduction of a product and a marketing program to determine the reactions of potential customers in a market situation
Simulated (Laboratory) Market Testing:
The presentation of advertising and other promotional materials for several products, including a test product, to members of the products target market
Commercialization:
The decision to market a product
Innovation:
A product perceived as new by a potential adopter
Diffusion:
The process by which the adoption of an innovationan spreads
Product Life Cycle (PLC)
The concept that provides a way to trace the stages of a product’s acceptance, from his introduction (birth) to its decline (death)
