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Marketing Management Ch 10
Basic Marketing Chapter 10 Vocab
19
Marketing
Undergraduate 3
02/21/2012

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Term
product life cycle
Definition
describes the stages a really new product idea goes through from beginning to end.
Term
4 stages of product life cycle
Definition
(1) market introduction (2) market growth (3) market maturity (4) sales decline
Term
market introduction
Definition
stage where sales are low as the new idea is first introduced to a market
Term
market growth
Definition
stage where industry sales grow fast but industry profits rise and then start falling
Term
market maturity
Definition
stage where the industry sales level off and competition gets tougher
Term
sales decline
Definition
stage where new products replace the old
Term
fad
Definition
an idea that is fashionable only to certain groups who are enthusiastic about it
Term
new product
Definition
a product that is new in any way for the company concerned
Term
Federal Trade Commission (FTC)
Definition
the federal government agency that polices antimonopoly laws
Term
New Product Development Process
Definition
(1)Idea Generation (2)Screening (3)Idea Evaluation (4)Development (5)Commercialization
Term
Consumer Product Safety Act of 1972
Definition
encourages safety in product design and better quality control
Term
Product Liability
Definition
the legal obligation of sellers to pay damages to individuals who are injured by defective or unsafe products
Term
concept testing
Definition
getting reactions from customers about how well a new-product idea fits their needs
Term
Product Managers or Brand Managers
Definition
manage specific products-often taking over the jobs formerly handled by an advertising manager. their major responsibility is promotion
Term
total quality management (TQM)
Definition
the philosophy that everyone in the organization is concerned about quality, throughout all of the firm's activities, to better serve customer needs
Term
continuous improvement
Definition
a committment to constantly make things better one step at a time
Term
Pareto chart
Definition
a graph that shows the number of times a problem cause occurs, with problem causes ordered from most frequent to least frequent
Term
fishbone diagram
Definition
a visual aid that helps organize cause-and-effect relationships for "things gone wrong"
Term
Empowerment
Definition
means giving employees the authority to correct a problem without first checking with management
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