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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 converting applications for new technologies into marketable products

brainstorming

the process of getting a group to think of unlimited ways to vary a product or solve a problem

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

concept test

a test to evaluate the new product idea, usually before any prototype has been created

business analysis

the second stage of the screening process where preliminary figures for demand, cost, sales, and profitability are calculated

development

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 promotion materials for several products, including a test product, to members of the products' target market

commercialization

the decision to market a product

adopter

a consumer who was happy enough with his or her trial experience with a product to use it again

innovation

a product perceived as new by a potential adopter

diffusion

the process by which the adoption of an innovation spreads

product life cycle

a biological metaphor that traces 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 first stage of the PLC in which the full-scale launch of a new product into the marketplace occurs

growth stage

the second stage of the PLC 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

maturity stage

the third stage of the PLC during which sales increase at a decreasing rate

decline stage

the fourth stage of the PLC, characterized by a long-run drop in sales

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