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Int. Marketing Chapter 10
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39
Marketing
Undergraduate 4
05/01/2016

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Term
continuous innovation
Definition
product innovation where there is no disruption in consumption patterns; such innovations involve product alterations such as new flavors or new products that are improvements over the old offerings
Term
controlled test marketing
Definition
test marketing that involves offering a new product to a group of stores and evaluating the market's reaction to it
Term
decline stage
Definition
stage of the international product life cycle in which products are rapidly losing ground to new technologies or product alternatives, causing a decrease in sales and profits
Term
degree of product/service newness
Definition
extent to which a product is new to the market in general or to a group of consumers
Term
designing and developing the product
Definition
developing product prototypes and giving the product a name, a brand identity, and a marketing mix; a step in the new product development process
Term
developing and evaluating concepts
Definition
determining how consumers will perceive and use a new product; a step in the new product development process
Term
diffusion process
Definition
process by which a product is adopted by consumers worldwide
Term
dynamically continuous innovation
Definition
innovation that doesn't alter significantly consumer behavior but still entails a change in the consumption pattern
Term
early adopters
Definition
consumers who purchase a product early in its product life cycle and who tend to be opinion leaders in their communities who take risks, but with greater discernment than innovators; they account for 13. 5 percent of the total market
Term
early majority
Definition
consumers who enjoy the status of being among the first in their peer group to purchase a popular product; they account for 34 percent of the total market
Term
generating new product ideas
Definition
seeking ideas using different strategies as the first step in the new product development process
Term
growth stage
Definition
stage of international product life cycle characterized by increasing competition and rapid product adoption by the target market
Term
innovation
Definition
product new to the world
Term
innovators
Definition
risk takers who can afford to pay higher purchase price charged by companies during the intro stage of a product; they account for 2.5 percent of total market
Term
international product life cycle (IPLC)
Definition
product life cycle theory, which states that firms from developed countries engage in domestic production in the early stage of PLC, marketing the product to industrialized countries; as the product reaches maturity, product specifications and manufacturing process stabilize, price competition becomes intense, and markets in developing countries become essential to firm's success
Term
introduction stage
Definition
1st stage of IPLC when products are developed and marketed in industrialized countries
Term
lag countries
Definition
countries where a product or service is adopted after already being introduced in lead countries
Term
laggards
Definition
consumers who are the last to adopt new products and do so only in late maturity because they are risk averse and conservative in their spending; account for 16 percent of total market
Term
late majority
Definition
individuals of limited means who are likely to adopt products only if products are widely popular and risk associated with buying them is minimal; account for 34 percent of total market
Term
launching the product internationally
Definition
introducing new product to international market as last step in new product development process
Term
lead countries
Definition
countries where product or service is first introduced and adopted
Term
maturity stage
Definition
stage of IPLC characterized by slowdown in sales growth as product is adopted by most target consumers and by leveling or decline in profits primarily due to intense price competition
Term
modification
Definition
alteration of existing company product
Term
new item in an existing product line
Definition
new brand that company offers to market in an existing product line
Term
new line
Definition
new product category offered by company
Term
new product to existing company
Definition
new product that company offers to market; product competes with similar competitor offerings
Term
new product to existing market
Definition
product never before offered to market
Term
performing a product business analysis
Definition
calculating projected costs such as return on investment and cash flow and determining fixed and variable costs for long term
Term
product consistency
Definition
extent to which a company's different product lines are related, use same distribution channels, and have same final consumers
Term
product depth
Definition
number of different offerings for particular brand
Term
product length
Definition
total number of brands in product mix
Term
product line
Definition
all brands company offers in same product category
Term
product mix
Definition
complete assortment of products that a company offers to its target international consumers
Term
product width
Definition
total number of product lines that a company offers to its target international consumers
Term
radical innovation
Definition
creation of new industries or new standards of management, manufacturing, and servicing that represent fundamental changes for consumers, entailing departures from established consumption
Term
screening new product ideas
Definition
eliminating product ideas that don't fit with target consumers and overall mission of the organization
Term
simulated test marketing
Definition
test marketing simulating purchase environments where samples of target consumers are observed in their product-related decision making process
Term
test marketing
Definition
testing new product performance in limited area of a national or regional target market to estimate product performance in respective country or region
Term
trialability
Definition
ability of consumer to experience a product with minimal effort
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