Marketing 3501- chapter 9

Pataasin ang iyong marka sa homework at exams ngayon gamit ang Quizwiz!

product life cycle-fashion

a currently accepted or popular style in a given field. tend to grow slowly, remain popular for awhile, and then decline slowly.

product concept

a detailed version of the idea stated in meaningful consumer terms.

stimulated test markets

the firm will create a shopping environment and note how many consumers buy the new product and competing products.

Idea generation

the systematic search for new product ideas.

product development

zero sales and increasing investment costs, begins when the company finds and develops a new product idea.

Standardization decreases product design, manufacturing, and marketing costs.

Which of the following statements is true regarding standardizing products for international​ markets?

Test marketing can be costly and delay commercialization of the product

Which of the following statements regarding standard test marketing is​ correct?

Companies face a trade-off between high market share and high profits.

Which of the following statements regarding the growth stage of the product life cycle is correct?

Modify the market, product offering, or marketing mix

Which of the following would be an appropriate strategy during the maturity stage of the product lifecycle?

Idea generation

What is the first step of the new product development process?

Understand its consumers, markets, and competitors and develop products that deliver superior value

What must companies do to create successful new products?

marketing strategy development

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

product development

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

Growth

A firm improves product quality and adds new product features and models. It also shifts some advertising from building product awareness to building product conviction and purchase. At which stage of the product life cycle would this be a recommended​ strategy?

Fad

A temporary period of unusually high sales driven by consumer enthusiasm and immediate product or brand popularity is called a(n)

product development

At which stage of the new product development process is a physical product first development?

innovation can be very expensive and very risky

Which of the following statements about new product development strategy is correct?

product life cycle-style

a basic and distinctive mode of expression. may last for generations, has a cycle showing several periods of renewed interest.

Product idea

an idea for a possible product that the company can see itself offering to the market

Idea screening

identify good ideas and drop poor ideas -is it REAL? -can we WIN? -is it WORTH doing?

commercialization

involves introducing a new product. When to launch?-Where to launch?- Planned market rollout?

idea generation-crowdsourcing

involves inviting broad communities of people-customers, employees, independent scientists and researchers, and even the public at large-into the new product innovation process.

controlled test markets

panels of stores have agreed to carry new product for a fee. competitors gain access to the new product.

growth

rapid market acceptance and increasing profits; maximize market share; early adopters

idea generation- internal sources

refer to the company's own formal research and development, management and staff, and intrapreneurially programs.

New product development

refers to original products, product improvements, product modifications, and new brands developed from the firms own research and development

concept testing

refers to testing new product concepts with groups of target consumers

Acquisition

refers to the buying of a whole company, a patent, or a license to produce someone else's product.

business analysis

review of the sales, costs, and profit projections for a new product to find out whether these factors satisfy the company's objectives.

decline

sales fall off and profits drop; reduce expenditure and milk the brand; lagging adopters

introduction

slow sales and nonexistent profits because of the heavy expenses of product introduction; create product engagement and trial; innovators

maturity

slow sales growth and profits level off or decline because of increased marketing outlays to defend the product against competition; maximize profit while defending market share; mainstream adopters

idea generation-external sources

sources outside the company such as customers, competitors, distributors, suppliers, and outside design firms.

marketing strategy statement

target market description value proposition planned sales, market-share, and marketing mix.

product life cycle-fad

temporary periods of unusually high sales driven by consumer enthusiasm and immediate product or brand popularity. may be part of an otherwise normal life cycle, akin case of recent surges in the sales of poker chips and accessories. or the fad may comprise a brands or products entire life cycle.

test marketing

the stage of new product development in which the product and its proposed marketing program are tested in realistic market settings

product image

the way consumers perceive an actual or potential product.

product idea, product concept, and product image

three parts to concept development


Kaugnay na mga set ng pag-aaral

Life Insurance Licensing Chapter 2

View Set

POLS 3301 - Conflict in the Middle East: Exam One

View Set

Chapter 7: Schedules of Reinforcement

View Set

Artificial Intelligence and Robotics

View Set