Chapter 9 Flashcards
Product Life Cycle:
(1) Market Introduction
(2) Market Growth
(3) Market Maturity
(4) Sales Decline
Product Life Cycles Are _____ _______
Getting Shorter
Fashion:
The currently accepted or popular style.
Fad:
An idea that is fashionable only to certain groups who are enthusiastic about it.
New Product:
A product new in any way for the company concerned. A firm can call its product new for only six months maximum, according to FTC regulations.
Federal Trade Commission (FTC):
The federal government agency that polices antimonopoly laws.
Consumer Product Safety Act:
Set up the consumer roduct safety commission to encourage safety in product design and better quality control.
Product Liability:
The legal obligation of sellers to pay damages to individuals who are injured by defective or unsafe products.
Concept Testing:
Getting reactions from customers about how well a new-product idea fits their needs.
Product Managers/Brand Managers:
Manage specific products to ensure that attention to these products is not lost in the rush of everyday business.
Total Quality Management (TQM):
The philosophy that everyone in the organization is concerned about quality, throughout all of the firm’s activities, to better serve customer needs.
Continuous Improvement:
A commitment to constantly make things better one step at a time.
