Term
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Definition
| describes the stages a really new product idea goes through from beginning to end. |
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Term
| 4 stages of product life cycle |
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Definition
| (1) market introduction (2) market growth (3) market maturity (4) sales decline |
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Term
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Definition
| stage where sales are low as the new idea is first introduced to a market |
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Term
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Definition
| stage where industry sales grow fast but industry profits rise and then start falling |
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Term
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Definition
| stage where the industry sales level off and competition gets tougher |
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Term
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Definition
| stage where new products replace the old |
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Term
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Definition
| an idea that is fashionable only to certain groups who are enthusiastic about it |
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Term
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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
| the federal government agency that polices antimonopoly laws |
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Term
| New Product Development Process |
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Definition
| (1)Idea Generation (2)Screening (3)Idea Evaluation (4)Development (5)Commercialization |
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Term
| Consumer Product Safety Act of 1972 |
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Definition
| encourages safety in product design and better quality control |
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Term
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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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Term
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Definition
| getting reactions from customers about how well a new-product idea fits their needs |
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Term
| Product Managers or Brand Managers |
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Definition
| manage specific products-often taking over the jobs formerly handled by an advertising manager. their major responsibility is promotion |
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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 firm's activities, to better serve customer needs |
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Term
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Definition
| a committment to constantly make things better one step at a time |
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Term
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Definition
| a graph that shows the number of times a problem cause occurs, with problem causes ordered from most frequent to least frequent |
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Term
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Definition
| a visual aid that helps organize cause-and-effect relationships for "things gone wrong" |
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Term
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Definition
| means giving employees the authority to correct a problem without first checking with management |
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