Chapter 8 Marketing
Concept Testing
Testing new product concepts with a group of target consumers to find out if the concepts have strong consumer appeal
Product life cycle
The course of a product's sales and profits over its lifetime. It involves five distinct stages: product development, introduction, growth, maturity, and decline.
New-product development
The development of original products, product improvements, product modifications, and new brands through the firm's own product-development efforts.
Commercialization
The full-scale introduction of the new product into the market.
Growth Stage
The product life-cycle stage in which a product's sales start climbing quickly. It is a period of rapid market acceptance and increasing profits.
Introduction stage
The product life-cycle stage in which the new product is first distributed and made available for purchase. It is a period of slow sales growth and non-existent profit as the product is introduced into the market.
Decline Stage
The stage in the product life cycle in which sales growth slows or levels off.
Maturity Stage
The stage in the product life cycle in which sales growth slows or levels off. It is a period of a slowdown in sales growth because the product has achieved acceptance by most potential buyers.
Test marketing
The stage of new-product development in which the product and marketing program are tested in more realistic market settings.
Idea Generation
The systematic search for new-product ideas.
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 stated in meaningful consumer terms.
Technology Adoption Life Cycle
A marketing theory that proposes that when marketing a technology product, marketers must cross a chasm, or significant gap, between members of the early adopters segments and members of the early majority segment, before a new product will become successful.
Business analysis
A review of the sales, costs, and profit projections for a new product to find out whether these factors satisfy the company's objectives.
Diffusion of innovation
A social sciences theory that divides members of a social group into segments according to how likely they are to adopt a new idea.
Fad
A temporary period of unusually high sales driven by consumer enthusiasm and immediate product or brand popularity.
Marketing strategy development
Designing an initial marketing strategy for a new product based on the product concept.
Crowdsourcing
Inviting broad communities of people such as customers, employees, independent scientist and researchers, and even the public at large, into the new product innovation proccess.
Team-Based New Product Development
New product development in which carious company departments work closely together, overlapping the steps in the product development process to save time and increases effectiveness
Customer-Centered New Product Development
New product development that focuses on finding new ways to solve customer problems and create more customer-satisfying experiences
Sustainable packaging
Packaging that meets the requirements of the product while minimizing the environmental, economic, and social impacts of the product and its package.
Idea screening
Screening new-product ideas in order to spot good ideas and drop poor ones as soon as possible.
Product development
developing the product concept into a physical product to ensure that the product idea can be turned into a workable market offering
