Shared Flashcard Set

Details

Marketing
Study
26
Business
11th Grade
01/07/2012

Additional Business Flashcards

 


 

Cards

Term
Acquisition
Definition
Buy a business, patent or license to produce
Term
Developing your own products can be
Definition
Expensive and risky
90% failure rate
Term
why do so many new products fail
Definition
Poor design, wrong timing, incorrectly positioned, priced or advertised excessive cost
Term
new product development process
Definition
Idea generation, idea screening concept development and testing, Business plan development, product development, test marketing, commercialization
Term
idea generation
Definition
brainstorming, trends, ad agency, competitors
Term
idea screening
Definition
selecting high potential ideas
Term
concept development and testing
Definition
testing and developing screened ideas with a group of target consumers to discover if concepts have strong appeal
Term
Business plan development
Definition
target, positioning, sales forecast, market share, profit goals, price, distribution, promotion
Term
Product development
Definition
prototype, developing the product concept into a physical product to ensure the product idea can be turned into a workable product
Term
Ways to test product
Definition
Employees trying it our and potential consumers
Term
test marketing
Definition
product and marketing program are tested assess potential for success.
Term
commercialization
Definition
introducing a new product into a market
Term
product characteristics that influence the rate of adoption
Definition
relative advantage, compatibility, complexity, communicability
Term
intellectual property
Definition
patents, copyrights, trademarks, trade secrets
Term
Patents
Definition
an exclusive right, granted by the government, to produce, use and sell an invention or process.
Term
Three types of patents are
Definition
Utility, design, plant
Term
Trademarks
Definition
obtain rights by using it and applying TM
Term
Copyrights
Definition
the exclusive legal right to artistic or scholarly work. includes the right to reproduce, create various versions and perform the work publicly
Term
Copyright Protection
Definition
File with the U.S copyright office need to file with each country
Term
Public domain
Definition
Ideas/expressions not protected after patents and copyrights expire
Term
Fair Use
Definition
Do not need to obtain permission for "fair use" of the work ex. reporting, teaching, research
Term
Trade secrets
Definition
methods, formulas, other kinds, of information with business value and derived value from being kept secret.
Term
Brand Sponsorship
Definition
Manufacturer or national brand,store or private label brand, licensing, co branding
Term
Trends can be opportunities
Definition
growth of internet, technological advances(apps), social networking, aging of population, recession, concern over the environment, others?
Term
Brainstorming
Definition
Generate, evaluate, go/no-go decision
Term
Brainstorming rules
Definition
speak for easy listening, don't judge ideas until action is required, hear ideas in the best possible way, find value in ideas, Understand before evaluating, use negatives to give direction
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