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