MKT CH 8 Terms

__________ is the development of original products, product improvements, product modifications, and new brands through the firm's own efforts.

New product development

__________ is a detailed version of a new product idea stated in meaningful terms

Product concept

__________ 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

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

decline stage

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

introduction stage

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

A fad

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

Crowdsourcing

___________ and models is a product strategy in the maturity phase.

Diversifying brands

__________ is the systematic search for new product lines.

Idea generation

__________ is a basic and distinctive mode of expression.

Style

__________ 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

Offering a basic product is a product strategy in the __________.

introduction phase

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

maturity stage

__________ focuses on finding new ways to solve customer problems and create more customer-satisfying experiences.

Customer-centered new product development

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

Fashion

__________ is screening new product ideas to spot good ideas and drop poor ones as soon as possible.

Idea screening

Product concept is __________.

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

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.

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

growth

Increased spending on product improvement promotion, and distribution is a product strategy in the __________. Offering product extensions, service, and warranty is a product strategy in the __________.

growth phase

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

growth stage

Modifying the market, product offering, or marketing mix is a product strategy in the ________ phase.

maturity

Concept testing is __________.

testing new product concepts with a group of target consumers to find out if the concepts have strong consumer appeal.

Test marketing is __________.

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

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

Marketing strategy development

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

decline phase