Marketing ch 8

The flashcards below were created by user celyseh8 on FreezingBlue Flashcards.

  1. Idea Generation:
    the systematic search for new product ideas. Major sources include internal sources and external sources such as customers, competitors, distributors and suppliers.
  2. Crowdsourcing:
    • invites broad communities of people, customers, employees, independent scientists and researchers into the new-product
    • innovation process.
  3. Idea Screening
    the first idea-reducing stage, helps spot good ideas and drop poor ones as soon as possible.
  4. Product concept
    • a detailed version of the idea
    • stated in meaningful consumer terms.
  5. Product Idea
    an idea for a possible product that the company can see itself offering to the market.
  6. Product Image
    the way consumers perceive an actual or potential product.
  7. Business Analysis
    Involves a review of the sales, costs, and profit projections for a new product to find out whether they satisfy the company's objectives.
  8. Test Marketing
    the stage at which the product and its proposed marketing program are introduced into realistic market settings
  9. simulated test marketing
    researchers measure consumer responses to new products and marketing tactics in laboratory stores or simulated online shopping environments
  10. Commercialization
    introducing the new-product into the market.
  11. 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
  12. Product Life-Cycle
    • the course of a product’s sales and profits
    • over it’s lifetime
  13. Product Development
    begins when the company finds and develops a new-product idea.
  14. Introduction
    a period of slow growth when the product is introduced in the market. Profits do not exist because of the heavy expenses of introduction
  15. Growth
    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
  16. Maturity
    • 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
    • competition
  17. Decline
    the period where sales drop off and profits drop. - due to technological advances, shifts in consumer tastes, increased competition
  18. Style
    basic and distinctive mode of expression
  19. Fashion
    a currently accepted or popular style in a given field
  20. Fads
    temporary periods of unusually high sales driver by consumer enthusiasm and immediate product or brand popularity
Card Set:
Marketing ch 8
2014-02-26 20:27:44
Test 2
Marketing Ch 8
Show Answers: