MRKT 140 #10

  1. adopter
    A consumer who was happy enough with his or her trial experience with a product to use it again.
  2. brainstorming
    The process of getting a group to think of unlimited ways to vary a product or solve a problem
  3. business analysis
    The second stage of the screening process where preliminary figures for demand, cost, sales, and profitability are calculated.
  4. commercialization
    The decision to market a product.
  5. concept test
    A test to evaluate a new-product idea, usually before any prototype has been created.
  6. decline stage
    A long-run drop in sales.
  7. development
    The stage in the product development process in which a prototype is developed and a marketing strategy is outlined.
  8. diffusion
    The process by which the adoption of an innovation spreads.
  9. growth stage
    The second stage of the product life cycle when sales typically grow at an increasing rate, many competitors enter the market, large companies may start acquiring small pioneering firms, and profits are healthy.
  10. innovation
    A product perceived as new by a potential adopter.
  11. introductory stage
    The full-scale launch of a new product into the marketplace.
  12. maturity stage
    A period during which sales increase at a decreasing rate.
  13. new product
    A product new to the world, the market, the producer, the seller, or some combination of these.
  14. new-product strategy
    A plan that links the new-product development process with the objectives of the marketing department, the business unit, and the corporation.
  15. product category
    All brands that satisfy a particular type of need.
  16. product development
    A marketing strategy that entails the creation of marketable new products; the process of converting applications for new technologies into marketable products.
  17. product life cycle (PLC)
    A concept that provides a way to trace the stages of a product’s acceptance, from its introduction (birth) to its decline (death).
  18. screening
    The first filter in the product development process, which eliminates ideas that are inconsistent with the organization’s new-product strategy or are obviously inappropriate for some other reason.
  19. simulated (laboratory) market testing
    The presentation of advertising and other promotion materials for several products, including a test product, to members of the product’s target market.
  20. simultaneous product development
    A team-oriented approach to new-product development.
  21. test marketing
    The limited introduction of a product and a marketing program to determine the reactions of potential customers in a market situation.
Card Set
MRKT 140 #10
terms & definition