Term
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Definition
| product innovation where there is no disruption in consumption patterns; such innovations involve product alterations such as new flavors or new products that are improvements over the old offerings |
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Term
| controlled test marketing |
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Definition
| test marketing that involves offering a new product to a group of stores and evaluating the market's reaction to it |
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Term
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Definition
| stage of the international product life cycle in which products are rapidly losing ground to new technologies or product alternatives, causing a decrease in sales and profits |
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Term
| degree of product/service newness |
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Definition
| extent to which a product is new to the market in general or to a group of consumers |
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Term
| designing and developing the product |
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Definition
| developing product prototypes and giving the product a name, a brand identity, and a marketing mix; a step in the new product development process |
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Term
| developing and evaluating concepts |
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Definition
| determining how consumers will perceive and use a new product; a step in the new product development process |
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Term
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Definition
| process by which a product is adopted by consumers worldwide |
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Term
| dynamically continuous innovation |
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Definition
| innovation that doesn't alter significantly consumer behavior but still entails a change in the consumption pattern |
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Term
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Definition
| consumers who purchase a product early in its product life cycle and who tend to be opinion leaders in their communities who take risks, but with greater discernment than innovators; they account for 13. 5 percent of the total market |
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Term
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Definition
| consumers who enjoy the status of being among the first in their peer group to purchase a popular product; they account for 34 percent of the total market |
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Term
| generating new product ideas |
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Definition
| seeking ideas using different strategies as the first step in the new product development process |
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Term
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Definition
| stage of international product life cycle characterized by increasing competition and rapid product adoption by the target market |
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Term
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Definition
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Term
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Definition
| risk takers who can afford to pay higher purchase price charged by companies during the intro stage of a product; they account for 2.5 percent of total market |
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Term
| international product life cycle (IPLC) |
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Definition
| product life cycle theory, which states that firms from developed countries engage in domestic production in the early stage of PLC, marketing the product to industrialized countries; as the product reaches maturity, product specifications and manufacturing process stabilize, price competition becomes intense, and markets in developing countries become essential to firm's success |
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Term
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Definition
| 1st stage of IPLC when products are developed and marketed in industrialized countries |
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Term
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Definition
| countries where a product or service is adopted after already being introduced in lead countries |
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Term
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Definition
| consumers who are the last to adopt new products and do so only in late maturity because they are risk averse and conservative in their spending; account for 16 percent of total market |
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Term
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Definition
| individuals of limited means who are likely to adopt products only if products are widely popular and risk associated with buying them is minimal; account for 34 percent of total market |
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Term
| launching the product internationally |
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Definition
| introducing new product to international market as last step in new product development process |
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Term
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Definition
| countries where product or service is first introduced and adopted |
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Term
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Definition
| stage of IPLC characterized by slowdown in sales growth as product is adopted by most target consumers and by leveling or decline in profits primarily due to intense price competition |
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Term
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Definition
| alteration of existing company product |
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Term
| new item in an existing product line |
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Definition
| new brand that company offers to market in an existing product line |
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Term
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Definition
| new product category offered by company |
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Term
| new product to existing company |
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Definition
| new product that company offers to market; product competes with similar competitor offerings |
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Term
| new product to existing market |
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Definition
| product never before offered to market |
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Term
| performing a product business analysis |
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Definition
| calculating projected costs such as return on investment and cash flow and determining fixed and variable costs for long term |
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Term
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Definition
| extent to which a company's different product lines are related, use same distribution channels, and have same final consumers |
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Term
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Definition
| number of different offerings for particular brand |
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Term
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Definition
| total number of brands in product mix |
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Term
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Definition
| all brands company offers in same product category |
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Term
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Definition
| complete assortment of products that a company offers to its target international consumers |
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Term
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Definition
| total number of product lines that a company offers to its target international consumers |
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Term
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Definition
| creation of new industries or new standards of management, manufacturing, and servicing that represent fundamental changes for consumers, entailing departures from established consumption |
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Term
| screening new product ideas |
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Definition
| eliminating product ideas that don't fit with target consumers and overall mission of the organization |
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Term
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Definition
| test marketing simulating purchase environments where samples of target consumers are observed in their product-related decision making process |
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Term
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Definition
| testing new product performance in limited area of a national or regional target market to estimate product performance in respective country or region |
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Term
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Definition
| ability of consumer to experience a product with minimal effort |
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