MKT 8

4 reasons that many new products fail

1. company overestimated the market size 2. the product launched at the wrong time 3. the competitors were more aggressive 4. the product was priced too high

4 reasons companies engage in new-product development

1. to add to company profit 2. to better serve customers 3. to remain competitive in the market 4. to add variety to the company's products

____ is a basic and distinctive mode of expression.

Style

____ is a temporary period of unusually high sales driven by consumer enthusiasm and immediate product or brand popularity.

A fad

Buying a whole company, a patent, or a license to produce someone else's product is known as _____

Acquisition

____ is when a company is in the process of reviewing projections of cost, possible sales, and the amount of potential profit.

Business analysis

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

Concept testing

Asking several members of the community for their input on an idea is called _______

Crowdsourcing

____ focuses on finding new way to solve customer problems and create more customer satisfying experiences.

Customer centered new product development

The _______ is the PLC stage in which a product's sales fade away.

Decline stage

____ is a currently accepted or popular style in a given field.

Fashion

____ is scanning new product ideas to spot good ideas and drop por ones as soon as possible.

Idea Screening

____ is the systematic search for new product ideas.

Idea generation

The _____ is the PLC stage in which a new product is first distributed and made available for purchase.

Introduction Stage

Designing an initial marketing strategy for a new product based on the product concept is known as ______

Marketing strategy development

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

Marketing strategy development

"Our target market is young, high-income individuals with a sense of social responsibility: interest more in eco friendliness than price." is an example of _______

Marketing strategy statement

The development of original products, product improvements, product modifications, and new brands though the firm's own efforts is ______

New product development

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

Product Development

_____ is a detailed version of a new product idea stated in meaningful consumer terms.

Product concept

_____ involves various company departments working closely together, overlapping the steps in the product development process to save time and increase effectiveness.

Team-based new product development

______ is an approach to developing new products based on cooperation between various company departments in an attempt to save time and increase effectiveness.

Team-centered new-product development

The stage of new-product development in which the product and its proposed marketing program are tested in realistic market settings is known as _____

Test marketing

T or F: Products launched by established companies fail less often than products launched by new companies.

True

Phasing out weak items is a product strategy in the ____ phase.

decline

Offering product extensions, service, and warranty is a product strategy in the ____ phase.

growth

The ____ is the PLC stage in which a product's sales start climbing quickly.

growth

Diversifying brands and models is a product strategy in the _____ phase.

maturity

The ____ is the PLC stage in which a product's sales growth slows or levels off

maturity stage