Chapter 6: Product Development Flashcards
Figuring out how profitable a product is
Business Analysis
Sales reduction of a current product caused my the introduction of their new product
Cannibalization
Occurs when consumers believe one product has more values than other products in its category
Competitive Advantage
The process by which customers accept and purchasing products
Consumer-Adoption Process
Asking consumers for their reaction for verbal descriptions and rough models of a potential product
Concept Test
Getting ideas from a large group of people online
Crowdsourcing
Occurs when a products sales and profits decreases
Decline Stage
How a product is adopted and spead
Diffusion
Technology that displaces current technology or creates a new industry
Disruptive Technology
Consumers that purchase and use a product soon after its been introduced.
Early Adoptors
A product that is popular for a short amount of time
Fad Product
Consumers that gather information and spend a significant time deciding compared to innovators and early adopters.
Early Majority
Products that come in and out of favor with consumers
Fashion Product
Product experiences increases in sales, profits, and competition
Growth Stage
Products that take a long time for others to see the benefits or has poor infrastructure
High-Learning Products
Product concepts are created
Idea Generation
Determines if an idea fits within the new-product strategy
Idea Screening
Adopts products almost immediately after its launch
Innovators
Launching products into the market
Introduction Stage
Loyal consumers that will purchase a product till it is discontinued
Laggards
Relys’ on other for their information begfore buying it themselves
Late Majority
Focused on profitability and maintaining the firm’s market share
Maturity Stage
Products with identifiable benefits
Low-learning products
New company products that aren’t new to the market
New-Category Entries
