Term
|
Definition
| describes the stages a really new product idea goes through from beginning to end. |
|
|
Term
|
Definition
| sales are low as a new idea is first introduced to a market. |
|
|
Term
|
Definition
| industry sales grow fast--but industry products rise then start falling. |
|
|
Term
|
Definition
| occurs when industry sales level off and competition gets tougher. |
|
|
Term
|
Definition
| new products replace the old. |
|
|
Term
|
Definition
| the currently accepted or popular style. |
|
|
Term
|
Definition
| one that is new in any way for the company concerned. |
|
|
Term
| Federal Trade Commission (FTC) |
|
Definition
| the federal government agency that policies antimonopoly laws. |
|
|
Term
| Consumer Product Safety Act (of 1972) |
|
Definition
| set up the consumer product safety commission to encourage safety in product design and better quality control. |
|
|
Term
|
Definition
| the legal obligation of sellers to pay damages to individuals who are injured by defective or unsafe products. |
|
|
Term
|
Definition
| getting reactions from customers about how well a new product idea fits their needs. |
|
|
Term
|
Definition
| manage specific products--often taking over the jobs formerly handled by an advertising manager. |
|
|
Term
| total quality management (TQM) |
|
Definition
| the philosophy that everyone in the organization is concerned about quality, throughout all of the firm's activities, to better serve customer needs. |
|
|
Term
|
Definition
| a commitment to constantly make things better one step at a time. |
|
|
