Ch 8: Developing New Products and Managing the Product Life Cycle
Style
A basic and distinctive mode of expression.
Fashion
A currently accepted or popular style in a given field.
Product concept
A detailed version of the new-product idea stand in meaningful consumer terms.
Business analysis
A review of the sales, costs, and product projections for a new product to find out whether these factors satisfy the company's objectives.
Fad
A temporary period of unusually high sales driven by consumer enthusiasm and immediate product or brand popularity.
Team-based new-product development
An approach to developing new products in which various company departments work closely together, overlapping the steps in the product development process to save time and increase effectiveness.
Marketing strategy development
Designing an initial marketing strategy for a new product based on the product concept.
Product development
Developing the product concept into a physical product to ensure that the product idea can be turned into a workable market offering.
Commercialization
Introducing a new product into the market.
Crowdsourcing
Inviting broad communities of people- customers, employees, independent, independent scientists and researchers, and even the public at large- into the new-product innovation process.
Customer-centered new-product development
New-product development that focuses on finding new ways to solve customer problems and create more customer-satisfying experiences.
Idea screening
Screening new-product ideas to spot good ideas and drop poor ones as soon as possible.
Concept testing
Testing new-product concepts with a group of target consumers to find out if the concepts have strong consumer appeal.
Introduction stage
The PLC stage in which a new product is first distributed and made available for purchase.
Decline stage
The PLC stage in which a product's sales fade away.
Maturity stage
The PLC stage in which a product's sales growth slows or levels off.
Growth stage
The PLC stage in which a product's sales start climbing quickly.
Product Life Cycle (PLC)
The course of a product's sales and profits over its lifetime.
New-product development
The development of original products, product improvements, product modification, and new brands through the firm's own product development efforts.
Test marketing
The stage of new-product development in which the product and its proposed marketing program are tested in realistic market settings.
Idea generationi
The systematic search for new-product development.