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MKT > Chapter 6: Product Development > Flashcards

Chapter 6: Product Development Flashcards

1
Q

Figuring out how profitable a product is

A

Business Analysis

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2
Q

Sales reduction of a current product caused my the introduction of their new product

A

Cannibalization

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3
Q

Occurs when consumers believe one product has more values than other products in its category

A

Competitive Advantage

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4
Q

The process by which customers accept and purchasing products

A

Consumer-Adoption Process

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5
Q

Asking consumers for their reaction for verbal descriptions and rough models of a potential product

A

Concept Test

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6
Q

Getting ideas from a large group of people online

A

Crowdsourcing

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7
Q

Occurs when a products sales and profits decreases

A

Decline Stage

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8
Q

How a product is adopted and spead

A

Diffusion

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9
Q

Technology that displaces current technology or creates a new industry

A

Disruptive Technology

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10
Q

Consumers that purchase and use a product soon after its been introduced.

A

Early Adoptors

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11
Q

A product that is popular for a short amount of time

A

Fad Product

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12
Q

Consumers that gather information and spend a significant time deciding compared to innovators and early adopters.

A

Early Majority

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13
Q

Products that come in and out of favor with consumers

A

Fashion Product

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14
Q

Product experiences increases in sales, profits, and competition

A

Growth Stage

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15
Q

Products that take a long time for others to see the benefits or has poor infrastructure

A

High-Learning Products

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16
Q

Product concepts are created

A

Idea Generation

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17
Q

Determines if an idea fits within the new-product strategy

A

Idea Screening

18
Q

Adopts products almost immediately after its launch

A

Innovators

19
Q

Launching products into the market

A

Introduction Stage

20
Q

Loyal consumers that will purchase a product till it is discontinued

A

Laggards

21
Q

Relys’ on other for their information begfore buying it themselves

A

Late Majority

22
Q

Focused on profitability and maintaining the firm’s market share

A

Maturity Stage

23
Q

Products with identifiable benefits

A

Low-learning products

24
Q

New company products that aren’t new to the market

A

New-Category Entries

25
Q

Creating, testing, and launching a new product

A

New-Product Development (NPD)

26
Q

Determines which direction a firm takes when developing a product

A

New-Product Strategy Development

27
Q

Inventions never seen in the market

A

New-to-the-market products

28
Q

Based in a foreign country

A

Offshore

29
Q

Creating an idea through external and internal ideas

A

Open Innovation

30
Q

When a third-party supplier creates goods, services, or ideas.

A

Outsource

31
Q

What a firm offers to consumers

A

Product

32
Q

Determines if a good can be produced or offered in such a way the balances needs and profits

A

Product development stage

33
Q

Final preparations before a product is available to the market

A

Product Launch

34
Q

Stages of a products life

A

Product Life Cycle (PLC)

35
Q

Related products created by a firm

A

Product Line

36
Q

Products that extend an established product line

A

Product Line Extentions

37
Q

Products a company sells

A

Product Mix

38
Q

Mock-ups of a good

A

Prototype

39
Q

A redesigned product

A

Revamped Product

40
Q

Mock shopping that allows marketers to observe participants responses to stimuli

A

Simulated Test Markets

41
Q

Introducing the final product to a limited market in order to gage sales

A

Test Marketing

42
Q

How fast a product launches

A

Time to Market

MKT (8 decks)

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