Term
| Two ways to obtain new product |
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Definition
- Acquisition. Buying of a whole company, a patent
- New product development. Original products, product improvements, product modifications and new brands |
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Term
Major new product process
1. Idea generation. |
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Definition
| Systematic search for new product ideas |
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Term
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Definition
Internal - company own formal research and development management and staff
External- outside the company such us customers, competitors, distributors, suppliers, and outside design firms.
Crowdsourcing - inviting broad communities of people - customers, employees, independent scientist, and researchers, and even public at large, into new product |
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Term
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Definition
- screening new product ideas to spot good ideas and drop poor ones as soon as possible
R-W-W screen framework
Real
Win
Worth |
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Term
| Concept development and testing Product idea |
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Definition
| an idea for possible product that the company can see itself offering to the market |
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Term
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Definition
| detailed version of the idea stated in meaningful consumer terms |
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Term
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Definition
| - is the way consumers perceive an actual or potential product |
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Term
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Definition
| to testing new product concepts with group of target market |
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Term
| Market strategy development |
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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
| involves a review of the sales, costs, and profit projections to find out whether they satisfy the company’s objective |
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Term
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Definition
| involves the creation and testing of one or more physical department Requires an increase in investment Shows whether the product idea can be turned into. Workable product |
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Term
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Definition
| stage of a new product development in which the product and its proposed marketing program ae tested in realistic market settings |
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Term
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Definition
- standard test Markets
- Controlled test markets
- Stimulated test markets |
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Term
| Advantages of stimulated test markets |
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Definition
- less expensive than other test methods
- Faster
- Restrict access by competitors |
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Term
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Definition
| - not considered as reliable and accurate due to the controlled setting |
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Term
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Definition
introducing a new product into the market
- when and where to launch
- Planned market rollout |
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Term
| Customer-centered new product development |
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Definition
| focuses on finding new ways to solve customer problems and create more customers satisfying experience |
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Term
| Sequential New product development |
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Definition
company departments work closely together individually to complete each stage of the process before passing it along to the next department or stage
- increase control in risky or complex project. |
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Term
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Definition
| 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
| Sales are zero investment costs mount |
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Term
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Definition
| Slow sales growth and profit are nonexistent |
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Term
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Definition
| Rapid market acceptance and increasing profits. |
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Term
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Definition
| Slowdown in sales growth and profits level off or decline |
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Term
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Definition
| Sales fall and profit drop |
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Term
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Definition
| Temporary Periods of unusually high sales driven by consumer enthusiasm and immediate product or brand popularity |
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Term
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Definition
PLC stage which new product is first distributed and made available for purchase
- slow growth
- Little or no profit
- High distribution and promotion |
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Term
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Definition
PLC stage which a product sales start climbing quickly
- sales increase
- New competitors enter the market
- Price stability or decline to increase volume
- Consumer education
- Profits increase
- Promotion and manufacturing cost gain economies of scale |
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Term
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Definition
PLC stage which product sales growth slows or levels off
- slow down sales
- Many suppliers
- Substitute product
- Over capacity leads to competition
- Increased promotion and R&D to support sales and profits |
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Term
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Definition
- Market modifying
- Product modifying
- Marketing mix Modifying |
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Term
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Definition
PLC stage which a product sales decline
- maintain the product
- Harvest the product |
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