Term
| Product Life Cycle (4 stages) |
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Definition
| describes the stages a really new product idea goes through from beginning to end; divided into four major stages 1. market introduction 2. market growth 3. market maturity 4. sales decline; marketing mix must change during this time |
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Term
| Market Introduction (1 of 4 stages of Product Life Cycle) |
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Definition
| salse are low as a new idea is first introduced to a market; customers not looking for a product |
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Term
| Market Growth Stage (2 of 4 stages of Product Life Cycle) |
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Definition
| industry sales grow fast but industry profits rise and then start falling; innovator begins to make big profits as more and more customers buy; competitors see opportunity and move in to market |
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Term
| Market Maturity (3 of 4 stages of Product Life Cycle) |
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Definition
| occurs when industry sales level off and competition gets tougher; profits go down throught stage |
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Term
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Definition
| new products replace the old; price competition from dying products becomes more vigorous |
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Term
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Definition
| the currently accepted or popular style; tend to have short life cycles |
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Term
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Definition
| an idea that is fashionable only to certain groups who are enthusiastic about it; ex. low-carb diets |
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Term
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Definition
| one that is new in any way for the company concerned |
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Term
| Federal Trade Commission (FTC) |
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Definition
| the federal government agency that polices antimonopoly laws |
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Term
| Consumer Product Saftey Act-1972 |
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Definition
| Set up a commission to encourage safety in product design and better quality control; sets safety standards for products |
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Term
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Definition
| the legal obligation of sellers to pay damages to individual who are injured by defective or unsafe products |
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Term
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Definition
| getting reactions from customers about how well a new-product idea fits their needs, uses market research for help in idea evaluation |
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Term
| Product managers or brand managers |
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Definition
| manage specific products; major responsibility-promotion |
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