Marketing chapter 8 key terms

  1. 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.
  2. Commercialization
    Introducing a new product into the market.
  3. Concept testing
    Testing new-product concepts with a group of target consumers to find out if the concepts have strong consumer appeal.
  4. Decline stage
    The PLC stage in which a product's sales fade away.
  5. Growth stage
    The PLC stage in which a product's sales start climbing quickly.
  6. Idea generation
    The systematic search for new-product ideas.
  7. Idea screening
    Screening new-product ideas to spot good ideas and drop poor ones as soon as possible.
  8. Introduction stage
    The PLC stage in which a new product is first distributed and made available for purchase.
  9. Marketing strategy development
    Designing an initial marketing strategy for a new product based on the product concept.
  10. Maturity stage
    The PLC stage in which a product's sales growth slows or levels off.
  11. New-product development
    The development of original products, product improvements, product modifications, and new brands through the firm's own product development efforts.
  12. Product concept
    A detailed version of the new-product idea stated in meaningful consumer terms.
  13. Product development
    Company growth by offering modified or new products to current market segments.
  14. Product life cycle (PLC)
    The course of a product's sales and profits over its lifetime.
  15. Test marketing
    The stage of new-product development in which the product and its proposed marketing program are tested in realistic market settings.
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Marketing chapter 8 key terms
Marketing exam #2