Term
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Definition
| A review of the sales, costs, and profit projections for a new product to find out whether these factors satisfy the company's objectives. |
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Term
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Definition
| Introducing a new product into the market. |
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Term
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Definition
| Testing new-product concepts with a group of target consumers to find out if the concepts have strong consumer appeal. |
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Term
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Definition
| The product life-cycle stage in which a product's sales decline. |
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Term
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Definition
| A fashion that enters quickly, is adopted with great zeal, peaks early, and declines very quickly. |
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Term
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Definition
| A currently accepted or popular style in a given field. |
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Term
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Definition
| The product life-cycle stage in which a product's sales start climbing quickly. |
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Term
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Definition
| The systematic search for new-product ideas. |
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Term
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Definition
| Screening new-product ideas in order to spot good ideas and drop poor ones as soon as possible. |
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Term
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Definition
| The product life-cycle stage in which the new product is first distributed and made available for purchase. |
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Term
| Marketing-strategy development 244 |
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Definition
| Designing an initial marketing strategy for a new product based on the product concept. |
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Term
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Definition
| The stage in the product life cycle in which sales growth slows or levels off. |
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Term
| New-product development 239 |
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Definition
| The development of original products, product improvements, product modifications, and new brands through the firm's own R&D efforts. |
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Term
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Definition
| The idea that consumers will favor products that offer the most quality, performance, and features and that the organization should devote its energy to making continuous product improvements. |
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Term
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Definition
| A strategy for company growth by offering modified or new products to current market segments. |
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Term
| Product life cycle (PLC) 250 |
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Definition
| The course of a product's sales and profits over its lifetime. It invoves five distinct stages: product development, introduction, growth, maturity, and decline. |
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Term
| Sequential product development (247) |
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Definition
| A new-product development approach in which one company department works to complete its stage of the process before passing the new product along to the next department and stage. |
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Term
| Simultaneous (or team-based) product development 247 |
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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. |
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Term
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Definition
| A basic and distinctive mode of expression. |
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Term
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Definition
| The stage of new-product development in which the product and marketing program are tested in more realistic market settings. |
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