Marketing an Introduction Chapter 8

Idea Generation
The systematic search for new-product ideas
Idea Screening
Screening new-product ideas in order to spot good ideas and drop poor ones as soon as possible
Product Concept
A detailed version of the new-product idea stated in meaningful customer terms
Concept Testing
Testing new-product concepts with a group of target customers to find out if the concepts have strong consumer appeal
Marketing Strategy Development
Designing an initial marketing strategy for a new product based on the product concept
Business Analysis
A review of the sales, costs, and profit projections for a new product to find out whether these factors satisfy the company’s objectives
Product Development
Developing the product concept into a physical product in order to ensure that the product idea can be turned into a workable market offering
Test Marketing
The stage of new-product development in which the product and marketing program are tested in realistic market settings
Commercialization
Introducing a new oriduct into the market
Customer-centered new-product development
New product development that focuses on finding new ways to solve customer problems and create more customer-satisfying experiences
Team-based new-product development
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
Product Life Cycle
The course of a product’s sales and profits over its lifetime.. It involves 5 distinct stages: product development, introduction, growth, maturity, and decline.
Style
A basic and distinctive mode of expression
Fashion
A currently accepted of popular style in a given field
Fad
A temporary period of usually high sales driven by consumer enthusiasm and immediate product or brand popularity
Introduction Stage
The product life-cycle stage in which the new product is first distributed and made available for purchase
Growth Stage
The product life-cycle stage in which a product’s sales start climbing quickly
Maturity Stage
The product life-cycle stage in which sales growth slows or levels off
Decline Stage
The product life-cycle stage in which a product’s sales decline