Shared Flashcard Set

Details

Marketing Ch 09
USF Marketing BUS 302 Barsky Ch 09
21
Marketing
Undergraduate 3
10/01/2014

Additional Marketing Flashcards

 


 

Cards

Term
New product development
Definition
development of original products, product improvements, product modifications, and new brands through the firm’s own product development efforts. p 262
Term
Idea generation
Definition
systematic search for new product ideas. p 263
Term
Crowdsourcing
Definition
Inviting broad communities of people— customers, employees, independent scientists and researchers, and even the public at large— into the new- product innovation process.
Term
Idea screening
Definition
Screening new- product ideas to spot good ideas and drop poor ones as soon as possible. p 265
Term
Product concept
Definition
detailed version of the new- product idea stated in meaningful consumer terms. p 267
Term
Concept testing
Definition
Testing new- product concepts with a group of target consumers to find out if the concepts have strong consumer appeal. p 268
Term
Marketing strategy development
Definition
Designing an initial marketing strategy for a new product based on the product concept. p 268
Term
Business analysis
Definition
Review of the sales, costs, and profit projections for a new product to find out whether these factors satisfy the company’s objectives. p 269
Term
Product development
Definition
Developing the product concept into a physical product to ensure that the product idea can be turned into a workable market offering. p 269
Term
Test marketing
Definition
Stage of new- product development in which the product and its proposed marketing program are tested in realistic market settings. p 270
Term
Commercialization
Definition
Introducing a new product into the market. p 271
Term
Customer- centered new- product development
Definition
New- product development that focuses on finding new ways to solve customer problems and create more customer-satisfying experiences. p 271
Term
Team- based new- product development
Definition
New- product development in which various company departments work closely together, overlapping the steps in the product development process to save time and increase effectiveness. p 272
Term
Product life cycle (PLC)
Definition
The course of a product’s sales and profits over its lifetime. p 273
Term
Style
Definition
A basic and distinctive mode of expression. p 275
Term
Fashion
Definition
A currently accepted or popular style in a given field. p 275
Term
Fad
Definition
A temporary period of unusually high sales driven by consumer enthusiasm and immediate product or brand popularity. p 275
Term
Introduction stage
Definition
The PLC stage in which a new product is first distributed and made available for purchase. p 275
Term
Growth stage
Definition
The PLC stage in which a product’s sales start climbing quickly. p 276
Term
Maturity stage
Definition
The PLC stage in which a product’s sales growth slows or levels off. p 276
Term
Decline stage
Definition
The PLC stage in which a product’s sales fade away. p 277
Supporting users have an ad free experience!