Essentials of Marketing- Chapter 9 – Flashcards
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Product Life Cycle
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Describes the stages a really new product idea goes through from beginning to end.
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Market Introduction
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Sales are low as a new idea is first introduced to a market.
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Market Growth
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Industry Sales grow fast- but industry profits rise and then start falling.
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Market Maturity
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Occurs when industry sales level off and competition gets together.
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Sales Decline
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New products replace the old.
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Fashion
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The currently accepted or popular style.
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Fad
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An idea that is fashionable only to only to certain groups who are enthusiastic about it.
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New Product
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A product that is new in any way for the company concerned.
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Ferderal Trade Commission
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The federal government agency that policies antimonopoly laws.
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Consumer Product Safety Act
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Set up the Consumer Product Safety in product design and better quality control.
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Product Liability
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Means the legal obligation of sellers to pay damages to individuals who are injured by defective or unsafe products.
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Concept Testing
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Getting reactions from customers about how well a new-product idea fits their needs.
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Prototype
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A nearly sample or model built to test a concept.
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Product Managers (Brand Managers)
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Manage specific products- often taking over the jobs formerly handled by an advertising manager.
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Total Quality Management
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The philosophy that everyone in the organization is concerned about quality, throughout all of the firm's activities.
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Continuous Improvement
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A commitment to constantly make things better one step at a time.
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Empwerment
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Means giving employees the authority to correct a problem without first checking with management.
