Marketing Chapter 12

A manufacturer must work with retailers to ensure that a new product will be delivered and available for sale

- When the customer wants it - In sufficient quantities to meet demand

Manufacturers may want to promote a new product and encourage retailers to carry the product; therefore, the manufacturer may use promotions such as

-Trade Shows -Short Term Price Reductions

When Firms measure the success of a new product, their assessment includes three interrelated factors

1. satisfaction of technical requirements such as performance 2. The extent of acceptance 3. Satisfaction of firms financial requirements

When Ben & Jerry's Ice Cream tests all of its new flavors on its employees at its corporate headquarters in Vermont, it is engaging in what kind of testing?

Alpha Testing

A newly formed coffee company should not have much trouble finding coffee drinkers in America to purchase a new type of coffee maker. However, a company selling gear for the game of cricket might have a difficult time being successful in the US. They would probably be more successful in India or Australia. The degree to which one's product is consistent with the needs & habits of target consumers is known as ______.

Compatibility

When a company adds new products this helps the company to _______ its risk

Diversify

Joanna is interested in new electronics products, but she prefers to wait to buy them until tech bloggers- who often receive new products slightly before they are introduced- post their opinions. Joanna probably belongs to what adopter group?

Early Adopter

_______ ________ are the category of consumers who begin to use a product or service immediately following the innovators

Early Adopters

Product Development or product design entails a process of balancing which types of considerations?

Engineering Manufacturing Marketing

When products reach the growth stage of the product life cycle, you the marketer must study the customers and know their preferences such as

Features & Styles

A(n) _______ price promotion is a short term price discount to encourage new product trial

Introductory

By the time _____ enter(s) the market, sales tend to be declining substantially and innovators may have moved on to the next innovation.

Laggards

During the _________ stage of the product life cycle, industry sales reach the peak, so firms try to rejuvenate their products by adding new features or repositioning them

Maturity

________ development entails a process of balancing various engineering, manufacturing, marketing and economic considerations to develop a products form and features or a service's features

Product

The _______ department can be considered an investment into a company's future, in which scientists work to solve complex problems and develop new ideas

Research and Development

Retailers may not only need to make a profit on each sale, but they may also receive a(n) _________ __________ as an encouragement to give better shelf space to new products

Slotting allowance

Firms feel compelled to add new products to their offerings in order to satisfy the changing needs of current and new ______.

customers

The product ________ ________ concept is indeed a valid idea, and new analytical tools now provide "rules" for detecting key turning points in the cycle

life cycle

A(n) _______ is the first physical form or service description of a new product, still in rough form, that has the same properties as the product

prototype

Premarket tests involve

tests conducted before a product or service is brought to market to determine how many customers will try and then continue to use it