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Definition
| The stages a new product idea goes through from beginning to end. |
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Definition
| A stage of the product life cycle when sales are low as a new idea is first introduced to a market. |
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Definition
| A stage of the product life cycle when industry sales grow fast-but industry profits rise and then start falling. |
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Definition
| A stage of the product life cycle when industry sales level off and competition gets tougher. |
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Definition
| A stage of the product life cycle when new products replace the old. |
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Definition
| Currently accepted or popular style. |
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Definition
| An idea that is fashionable only to certain groups who are enthusiastic about it-but these groups are so fickle that a fad is even more short-lived than a regular fashion. |
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Definition
| A product that is new in any way for the company concerned. |
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Term
| Federal Trade Commission (FTC) |
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Definition
| Federal government agency that polices anti-monopoly laws. |
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Term
| Consumer Product Safety Act |
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Definition
| A 1972 law that set up the Consumer Product Safety Commission to encourage more awareness of safety in product design and better quality control. |
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Definition
| The legal obligation of sellers to pay damages to individuals who are injured by defective or unsafe products. |
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Definition
| Getting reactions from customers about how well a new product idea fits their needs. |
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Definition
| An early sample or model built to test a concept. |
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Definition
| Manage specific products, often taking over the jobs formerly handled by an advertising manager-sometimes called brand managers. |
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Definition
| Manage specific products, often taking over the jobs formerly handled by an advertising manager-sometimes called product managers. |
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Term
| Total Quality Management (TQM) |
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Definition
| The philosophy that everyone in the organization is concerned about quality, throughout all of the firms activities, to better serve customer needs. |
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Term
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Definition
| A commitment to constantly make things better one step at a time. |
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Term
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Definition
| Giving employees the authority to correct a problem without first checking with management. |
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