The changes that an organization must make for a product or service to fit the local culture.
The testing of a product in a laboratory setting.
The testing of a product by real customer in the customer’s location.
Presenting an idea for an offering (including possible marketing communication ideas) to consumers for their reaction early in the offering development process.
The stage of the life cycle at which sales drop and companies must decide whether to keep, modify, or drop a product.
An exploratory research technique of engaging in detailed, one-on-one, question-and-answer sessions with potential buyers.
Companies get rid of a product, service, or business.
To decrease the size of the package or the amount of product in the package.
A new offering’s ability to make money.
A group of potential buyers brought together to discuss a marketing research topic with one another.
The stage of the life cycle in which sales increase and more competitors enter the market.
Companies reduce investment in a product, service, or business.
The first stage of the product life cycle after a product is launched.
investment riskThe potential of losing one’s money and time should a new offering fail.
Potential customers who are innovative and develop new applications or new products for their own use without the aid of a supplier.
A new idea or offering that occurs when a company comes out with another model (related product or service) based on the same platform and brand as one of its other products.
The test launch of a product’s complete marketing plan to ensure that it reaches buyers, gets positive reactions, and generates sales of the product.
The stage of the product life cycle at which sales begin to level off and competitors have saturated the market.
The potential loss of revenue a company risks when it chooses an alternative course of action such as launching a different offering.
penetration pricing strategy
A strategy in which an organization offers a low initial price on a product so that it captures as much market share as possible.
The degree to which the manufacturing of a product or the delivery of a service can be done within the proper quality specifications on a repeatable basis; the degree to which an organization can actually make and service an offering.
product life cycle (PLC)
The stages (introduction, growth, maturity, decline) that a product may go through over time.
quality function deployment (QFD)
A specific process for designing new offerings that begins by specifying a customer’s requirements and then designing a product to meet those needs.
Introducing a new offering across markets one by one in order to work out any challenges or problems related to marketing and supporting the offering.
skimming pricing strategy
A high initial price that companies set when introducing new products in order to get back money invested.
Keeping a product or service the same in all markets.