MKTG 301 Chapter 8

introduction phase

Offering a basic product is a product strategy in the____________

growth phase

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

maturity phase

Diversifying brands and models is a product strategy in the _____________

decline phase

Phasing out weak items is a product strategy in the___________

Style

a basic and distinctive mode of expression.

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.

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.

Marketing strategy development

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

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.

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.

introduction stage

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

decline stage

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

maturity stage

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

growth stage

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

New product development

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

Test marketing

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

Idea generation

is the systematic search for new product ideas.

Concept testing

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