The development of original products, product improvements, product modifications, and new brands through the firms own R&D efforts.
The systematic search for new-product ideas.
Screening new-product ideas in order to spot good ideas and drop poor ones as soon as possible
A detailed version of the new-product idea stated in meaningful consumer terms.
Testing new-product concepts with a group of target consumers to find out if the concepts have strong consumer appeal.
Marketing strategy development
Designing an initial marketing strategy for a new product based on the product concept.
A review of the sales, costs, and profit projections for a new product to find out whether these factors satisfy the company's objectives.
Developing the product concept into a physical product in order to ensure that the product idea can be turned into a workable product.
The stage of new-product development in which the product and marketing program are tested in more realistic market settings.
Introducing a new product into the market.
Sequential product development
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.
Simultaneous (or team-based) product development
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.
Product life cycle (PLC)
The course of a product's sales and profits over its lifetime. It involves 5 different stages: product development, introduction, growth, maturity, and decline.
A basic and distinctive mode of expression
A currently accepted or popular style in a given field
A temporary period of unusually high sales driven by consumer enthusiasm and immediate product or brand popularity
The product life-cycle stage in which the new product is first distributed and made available for purchase.
The product life-cycle stage in which a product's sales start climbing quickly
The stage in the product life cycle in which sales growth slows or levels off
The product life-cycle stage in which a product's sales decline