Shared Flashcard Set

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MGMT232
chapter 8
20
Management
Undergraduate 3
11/01/2010

Additional Management Flashcards

 


 

Cards

Term
new-product development
Definition
the development of original products, product improvements, product modifications, and new brands through the firm's own product-development efforts
Term
idea generation
Definition
the systematic search for new-product ideas
Term
idea screening
Definition
screening new-product ideas in order to spot good ideas and drop poor ones as soon as possible
Term
product concept
Definition
a detailed version of the new-product idea stated in meaningful consumer terms
Term
concept testing
Definition
testing new-roduct concepts with a group of target consumers to find out if the concepts have strong consumer appeal
Term
marketing strategy development
Definition
designing an initial marketing strategy for a new product based on the product concept
Term
business analysis
Definition
a review of the sales, costs, and profit projections for a new product to find out whether these factors satisfy the companies objectives
Term
product development
Definition
developing the product concept into a physical product idea can be turned into a workable market offering
Term
test marketing
Definition
the stage of new-product development in which the product and marketing program are tested in realistic market settings
Term
commercialization
Definition
introducing a new product into the market
Term
customer-centered new-product development
Definition
new-product development that focuses on finding new ways to solve customer problems and create more customer-satisfying experiences
Term
team-baased new-product development
Definition
an approach to developing new products in which various company departments work closely together, overlapping the steps in the product development process to save time and increase effectiveness
Term
product life cycle
Definition
the course of a product's sales and profits over its lifetime. it involves 5 distinct stages: product development, introduction, growth, maturity, and decline
Term
style
Definition
a basic and distinctive mode of expression
Term
fashion
Definition
a currently accepted or popular style in a given field
Term
fad
Definition
a temporary period of unusually high sales driven by consumer enthusiasm and immediate product or brand popularity
Term
introduction stage
Definition
the product life-cycle stage in which the new product is first distributed and made available for purchase
Term
growth stage
Definition
the product life-cycle stage in which a product's sales start climbing quickly
Term
maturity stage
Definition
the product life-cycle stage in which sales growth slows or levels off
Term
decline stage
Definition
the product life-cycle stage in which a product's sales decline
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