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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
a marketing strategy that entails the creation of marketable new products; the process of converting applications for new technologies into marketable 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
the 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
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
a consumer who was happy enough with his or her trial experience with a product to use it again
product life cycle
a biological metaphor that traces the stages of a product's acceptance, from its introduction (birth) to its decline (death)
the first stage of the PLC in which the full-scale launch of a new product into the marketplace occurs
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
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