Marketing Management - Chapter 9

Decline stage = the PLC stage in which a product's sales fade away

Product development focused on finding new ways to solve customer problems and create customer-satisfying experiences

Style = a basic and distinctive mode of expression

Screening new product ideas to spot good ones and drop poor ones as soon as possible

Fad = a currently accepted or popular style in a given field

A review of sales, costs, and profit projections for a new product to determine alignment with the company's objectives

Introducing a new product into the market

New product development in which various company departments work closely together, overlapping the steps in the process

Development designing an initial marketing strategy for a new product based on the product concept

Developing the concept into a physical product to ensure that the idea can be turned into a workable market offering

Testing new product concepts with a group of target consumers to find out if the concept have strong consumer appeal

Screening new product ideas to spot good ones and drop poor ones as soon as possible

The systematic search for new product ideas

Maturity stage = the PLC stage in which a product's sales start climbing quickly

Stage of new product development in which the product and its proposed marketing plan are tested in unrealistic markets

Inviting broad communities of people-customers, employees, scientists, etc. into the new product innovation process

The development of original products, product improvements, product modifications, and new brands

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

PLC stands for