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
