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| Process by which ideas are transformed into new products and services that will help firms grow. |
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| New product introductions that establish a completely new market or radically change the rules of competition and consumer preferences. |
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| Product pioneers, first to create a market or product category; readily recognizable to consumers, they establish a commanding early market share lead. |
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| Process by which an innovation spreads throughout a target market over time and various categories of adapters. |
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| Consumers who want to be the first to have a new product or service. |
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| Second group of consumers in the diffusion of innovation model to use an innovation; less risk tolerant than innovators; wait to purchase until after careful review. |
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| Consumers in the diffusion of innovation model who avoid risk; wait until innovation is tested; few new products and services are profitable until they buy. |
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| Last group of buyers to enter a new product market; when they do, the product has achieved its full market potential. |
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| Consumers who avoid change and rely on traditional products until they are no longer available. |
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| Taking apart and analyzing a competitor's product to create an improved product that does not infringe on the competitor's patents, if any exist. |
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| Innovative product users who modify existing products according to their own ideas to suit their specific needs. |
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| Brief written descriptions of the product. |
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| Presenting a concept statement that describes a product or service to potential buyers to obtain their reactions. |
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| Product Development (Product Design) |
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| Entails balancing various engineering, manufacturing, marketing, and economic considerations to develop a product or service. |
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| First rough physical form or description of new product, with the same properties as the new product but produced through different manufacturing processes, sometimes crafted individually. |
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| Attempt by R&D to determine whether a product will perform according to its design and satisfy the intended need. |
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| Potential consumers examine a product prototype in real-use setting to determine its functionality, performance, potential problems, and other issues. |
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| Conducted before a product or service comes to market to determine how many customers will try and continue to use it. |
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| Introduces new product or service to a limited geographical area (usually a few cities) prior to a national launch. |
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| Defines the stages new products move through as they enter, get established, and ultimately leave the marketplace; offers marketers a starting point for strategy planning. |
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| Stage of the product life cycle when innovators start buying the product. |
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| Stage of the product life cycle when the product gains acceptance, demand and sales increase, and competitors emerge. |
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| Stage of the product life cycle when industry sales reach their peak, so firms try to rejuvenate products by adding new features or repositioning. |
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| Stage of the product life cycle when sales decline and the product exits the market. |
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