Marketing ch 8
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the systematic search for new product ideas. Major sources include internal sources and external sources such as customers, competitors, distributors and suppliers.
- invites broad communities of people, customers, employees, independent scientists and researchers into the new-product
- innovation process.
the first idea-reducing stage, helps spot good ideas and drop poor ones as soon as possible.
- a detailed version of the idea
- stated in meaningful consumer terms.
an idea for a possible product that the company can see itself offering to the market.
the way consumers perceive an actual or potential product.
Involves a review of the sales, costs, and profit projections for a new product to find out whether they satisfy the company's objectives.
the stage at which the product and its proposed marketing program are introduced into realistic market settings
simulated test marketing
researchers measure consumer responses to new products and marketing tactics in laboratory stores or simulated online shopping environments
introducing the new-product into the market.
Team-Based New-Product Development
department work closely together in cross-functional teams, overlapping the steps in the product development process to save time and increase effectiveness
- the course of a product’s sales and profits
- over it’s lifetime
begins when the company finds and develops a new-product idea.
a period of slow growth when the product is introduced in the market. Profits do not exist because of the heavy expenses of introduction
period of rapid market acceptance and increasing profits. Profits increase as promotion costs are spread over a large volume and a unit manufacturing costs decrease
- period of slowdown in sales growth because the product has achieved acceptance by most buyers. Profits level off because marketing resources are used to defend against
the period where sales drop off and profits drop. - due to technological advances, shifts in consumer tastes, increased competition
basic and distinctive mode of expression
a currently accepted or popular style in a given field
temporary periods of unusually high sales driver by consumer enthusiasm and immediate product or brand popularity
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