Kotler | Armstrong Marketing Chapter 9 – Flashcards
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New-product development
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The development of original products, product improvements, product modifications, and new brands through the firms own R&D efforts.
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Idea generation
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The systematic search for new-product ideas.
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Idea screening
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Screening new-product ideas in order to spot good ideas and drop poor ones as soon as possible
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Product concept
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A detailed version of the new-product idea stated in meaningful consumer terms.
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Concept testing
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Testing new-product concepts with a group of target consumers to find out if the concepts have strong consumer appeal.
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Marketing strategy development
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Designing an initial marketing strategy for a new product based on the product concept.
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Business analysis
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A review of the sales, costs, and profit projections for a new product to find out whether these factors satisfy the company's objectives.
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Product development
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Developing the product concept into a physical product in order to ensure that the product idea can be turned into a workable product.
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Test marketing
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The stage of new-product development in which the product and marketing program are tested in more realistic market settings.
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Commercialization
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Introducing a new product into the market.
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Sequential product development
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A new-product development approach in which one company department works to complete its stage of the process before passing the new product along to the next department and stage.
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Simultaneous (or team-based) product development
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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.
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Product life cycle (PLC)
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The course of a product's sales and profits over its lifetime. It involves 5 different stages: product development, introduction, growth, maturity, and decline.
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Style
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A basic and distinctive mode of expression
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Fashion
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A currently accepted or popular style in a given field
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Fad
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A temporary period of unusually high sales driven by consumer enthusiasm and immediate product or brand popularity
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Introduction stage
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The product life-cycle stage in which the new product is first distributed and made available for purchase.
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Growth stage
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The product life-cycle stage in which a product's sales start climbing quickly
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Maturity stage
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The stage in the product life cycle in which sales growth slows or levels off
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Decline stage
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The product life-cycle stage in which a product's sales decline
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Distributors
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close to the market and can pass along information about consumer problems and new-product possibilities.
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Suppliers
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tell the company about new concepts, techniques, and materials that can be used to develop new products.
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Competitors
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buy competing new products, take them apart to see how they work, analyze their sales, and decide whether they should bring out a new product of their own
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R-W-W
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real, win, worth it; is it real? can we win? is it worth doing?
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product idea
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idea for a possible product that a company can see itself offering to the market
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product concept
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detailed version of the idea stated in meaningful consumer terms
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product image
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the way consumers perceive an actual or potential product
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marketing strategy statement
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3 parts: 1) target market, planned value proposition, sales and market share.; 2) product's planned price for distribution and marketing budget.; 3) planned long-run sales, profit goals, and marketing mix strategy
