Marketing Quiz Chapter 11

New Product
A product new to the world, the market, the producer, the seller or some combination of these
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
Product Development
A marketing strategy that entails the creation of marketable new products
The process of getting a group to think of unlimited ways to vary a product or solve a problem
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
Concept Test
A test to evaluate a new-product idea, usually before any prototype has been created
Business Analysis
Te second stage of the screening process where preliminary figures for demand, cost, sales and profitability are calculated
The stage in the product development process in which a prototype is developed and a marketing strategy is outlined
Simultaneous product development
a team oriented approach to new product development
test marketing
the limited introduction of a product and a marketing program to determine the reactions of potential customers in a market situation
Simulated (laboratory) market testing
the presentation of advertising and other promotional materials for several products including a test product ,to members of the product’s target market
the decision to market a product
a product perceived as new by a potential adopter
the process by which the adoption of an innovation spreads
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)
product category
all brands that satisfy a particular type of need
introductory stage
the full scale launch of a new product in to the marketplace
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 to acquire small pioneering firms, and profits are healthy
maturity stage
a period during which sales increase at a decreasing rate
decline stage
a long run drop in sales

Get access to
knowledge base

MOney Back
No Hidden
Knowledge base
Become a Member
Haven't found the Essay You Want? Get your custom essay sample For Only $13.90/page