Chapter 8 Terms
New-product development- the development of original products, product improvements, product modifications, and new brands through the firm’s own product development efforts. Idea generation- the systematic search for new-product ideas. Idea screening- screening new-product ideas in order to spot good ideas and drop poor ones as soon as possible. Product idea- is an idea for a possible product that the company can see itself offering to the market. Product concept- a detailed version of the new-product idea stated in meaningful consumer terms. Concept testing- testing a new-product concepts with a group of target consumers to find out if the concepts have strong consumer appeal. Marketing strategy development- designing an initial marketing strategy for a new product based on the product concept. Business analysis- a review of the sales, costs, and profit projections for a new product to find out whether these factors satisfy the company’s objectives. Product development- developing the product concept into a physical product in order to ensure that the product idea can be turned into a workable market offering. Test marketing- the stage of new-product development in which the product and marketing program are tested in realistic marketing settings. Commercialization- introducing a new product into the market. Customer-centered new-product development- new-product development that focuses on finding new ways to solve customer problems and create more customer-satisfying experiences. Team based new-product development- an 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. Product life cycle- the course of a product’s sales and profits over its lifetime. Style- a basic and distinctive mode of expression.
Fashion- a currently accepted or popular style in a given field. Fad- a temporary period of unusually...
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