Term
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Definition
| development of original products, product improvements, product modifications, and new brands through the firm’s own product development efforts. p 262 |
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Term
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Definition
| systematic search for new product ideas. p 263 |
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Term
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Definition
| Inviting broad communities of people— customers, employees, independent scientists and researchers, and even the public at large— into the new- product innovation process. |
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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. p 265 |
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Term
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Definition
| detailed version of the new- product idea stated in meaningful consumer terms. p 267 |
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Term
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Definition
| Testing new- product concepts with a group of target consumers to find out if the concepts have strong consumer appeal. p 268 |
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Term
| Marketing strategy development |
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Definition
| Designing an initial marketing strategy for a new product based on the product concept. p 268 |
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Term
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Definition
| Review of the sales, costs, and profit projections for a new product to find out whether these factors satisfy the company’s objectives. p 269 |
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Term
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Definition
| Developing the product concept into a physical product to ensure that the product idea can be turned into a workable market offering. p 269 |
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Term
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Definition
| Stage of new- product development in which the product and its proposed marketing program are tested in realistic market settings. p 270 |
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Term
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Definition
| Introducing a new product into the market. p 271 |
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Term
| Customer- centered new- product development |
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Definition
| New- product development that focuses on finding new ways to solve customer problems and create more customer-satisfying experiences. p 271 |
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Term
| Team- based new- product development |
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Definition
| New- product development in which various company departments work closely together, overlapping the steps in the product development process to save time and increase effectiveness. p 272 |
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Term
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Definition
| The course of a product’s sales and profits over its lifetime. p 273 |
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Term
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Definition
| A basic and distinctive mode of expression. p 275 |
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Term
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Definition
| A currently accepted or popular style in a given field. p 275 |
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Term
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Definition
| A temporary period of unusually high sales driven by consumer enthusiasm and immediate product or brand popularity. p 275 |
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Term
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Definition
| The PLC stage in which a new product is first distributed and made available for purchase. p 275 |
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Term
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Definition
| The PLC stage in which a product’s sales start climbing quickly. p 276 |
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Term
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Definition
| The PLC stage in which a product’s sales growth slows or levels off. p 276 |
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Term
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Definition
| The PLC stage in which a product’s sales fade away. p 277 |
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