9. New-Product Development and Product Life-Cycle Strategies Flashcards Preview

Marketing > 9. New-Product Development and Product Life-Cycle Strategies > Flashcards

Flashcards in 9. New-Product Development and Product Life-Cycle Strategies Deck (24)
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0
Q
Idea generation
Idea screening
Concept development and testing
Marketing strategy development
Business analysis
Product development
Test marketing
Commercialisation
A

New-product development process

1
Q

The development of original products, product improvements, product modifications and new brands through the firm’s own R&D efforts

A

New-product development

2
Q

The systematic search for new-product ideas

A

Idea generation

3
Q

What are sources of idea generation?

A

Internal sources
External sources (customers)
Crowdsourcing

4
Q

Inviting broad communities is people—customers, employees, independent scientists and researchers and even the public at large—into the new-product innovation process

A

Crowdsourcing

5
Q

Screening new-product ideas to spot new ideas and to drop poor ones as soon as possible

A

Idea screening

6
Q

A detailed version of the new-product idea stated in meaningful consumer terms

A

Product concept

7
Q

Testing new-product concepts with a group of target consumers to find out if the concepts have strong customer appeal

A

Concept testing

8
Q

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

A

Market strategy development

9
Q

A review if the sales, costs and profit projections for a new product to find out whether these factors satisfy the company’s objective

A

Business analysis

10
Q

Developing the product concept into a physical product to ensure that the product idea can be turned into a workable market offering

A

Product development

11
Q

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

A

Test marketing

12
Q

Introducing a new product into the market

A

Commercialisation

13
Q

New-product development that focuses on finding new ways to solve customer problems and create more customer-satisfying experiences

A

Customer-centred new-product development

14
Q

An approach to developing new products in which various company departments work closely together, overlapping the steps in the product development process to save time and increase effectiveness

A

Team-based new-product development

15
Q

The course of a product’s sales and profits over it’s lifetime

Involves give distinct stages: product development, introduction, growth, maturity and decline

A

Product life cycle (PLC)

16
Q

A basic and distinctive mode of expression

A

Style

17
Q

A currently accepted or popular style in a given field

A

Fashion

18
Q

A temporary period of unusually high sales driven by consumer enthusiasm and immediate product or brand popularity

A

Fad

19
Q

The product life-cycle stage in which the new product is first distributed and made available for purchase

A

Introduction stage

20
Q

The product’s life-cycle stage in which a product’s sales start climbing quickly

A

Growth stage

21
Q

The product life-cycle stage in which sales growth slows or levels off

A

Maturity stage

22
Q

The product life-cycle stage in which a product’s sales decline

A

Decline stage

23
Q

Social responsibility in product decisions

Issues of international product and services marketing

A

Additional product and service considerations