MKT Chapter 8 DSM

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

Concept testing is __________.

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

Marketing strategy development is __________.

Maturity

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

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

New product development is __________.

growth

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

Decline

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

A basic and distinctive mode of expression

Style is __________.

Introduction Stage

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

Decline stage

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

Maturity Stage

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

Growth stage

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

Customer-centered new product development

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

Team-based new product development

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

Style

__________ is a basic and distinctive mode of expression.

Fashion

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

Product Concept

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

A fad

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

Crowdsourcing

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

Idea Screening

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

Idea generation

__________ is the systematic search for new product ideas.

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.