CH 8 Marketing

Testing new product concepts with target consumers to see if it's worth it.

Team-Based New Product Development takes more time and decreases effectiveness.

Reviewing the sales, costs, & profit projections for a new product

New Product Development was the main focus of this chapter.

Idea screening is looking through new product ideas to spot good ones and drop bad ones.

Designing an initial marketing strategy for a new product based off the concept.

A detailed version of the new product idea in meaningful consumer terms.

Commercialization is when an old product is re-introduced into the market.

How many steps are there in the Product Development Cycle?

PLC Stage in which a product's sales start climbing quickly.

Developing the product concept into a physical product to make sure it's workable.

A basic and distinctive mode of expression. Fluctuates over time.

Temp period of unusually high sales. Very volatile and generally short lived.

Customer-Centered New Product Development focuses on finding new ways to solve business focused problems.

A currently accepted or popular style in a given field. Grows slowly and declines slowly.

During Test Marketing, they test the product and marketing program in an unrealistic setting.

PLC Stage in which a product's sales fade away.

Inviting broad communities of people into the product innovation process.

PLC Stage in which a product's sales growth slows or levels off.

Systematic search for new product ideas.

PLC Stage where a new product is distributed and available for purchase.