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48 Cards in this Set
- Front
- Back
The __ __ __ __ involves a complex relationship between the product life cycle stage & international trade & investment.
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International Product Life Cycle: IPLC
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As products advance into the __ stage, product specification & & manufacturing process stablize.
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Maturity Stage
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At maturity, __ competition becomes intense & ___ markets emerge, promoting firms to move production abroad to beneift from lower __ costs.
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-Price
-International -Manufacturing |
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In this stage of the IPLC, products are developed and marketed in industrilized countries
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Introduction Stage
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In this stage of the IPLC, it's characterized by increasing competition and rapid product adopting by the target market.
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Growth Stage
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In this stage of the IPLC, companies move production to developing countires; begins importing to home country
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Early Maturity
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This stage in the IPLC is characterized by a slowdown in sales growth as the product is adopted by most target consumers and by the leveling or declining in profits (due to price compt.)
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Maturity Stage
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In this stage of the IPLC, products are rapidly losing ground to new technologies or product alternatives, causing a decrease in sales & Profits
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Decline Stage
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IPLC makes sense: products are produced in __ countries where they are first adopted & later available in __ countries
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-Developed
-Developing |
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The complete assortment of products that a company offers to its target international consumers
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Product Mix
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All the brands the company offers in the same product category.
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Product Line
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Different product lines are used to achieve __ __ & __ goals.
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Market Share
Profitability |
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The extent to which a company's different product lines are related, use the same distribution channels & have the same final consumer
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Product Consistency
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The total number of brands in the product mix
-All the brands sold by the company |
Product Length
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The total number of product lines that a company offers to its target international consumer.
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Product Width
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The number of different offerings for a particular brand.
-Companies alter their product mix by purchasing existing brands to do this. |
Product Depth
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New products are developed to:
-Maintaing a ___ advantage -Ensure ___ & ____ -to meet the needs of the __ |
-Competitive advantage
-Survival & Growth -Market |
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__/___ development is the key to a company's success & future.
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Product/Service
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Seeking ideas using different strategies as the first step in the new product development process
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Generating New Product ideas
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Eliminating product dieas that do not fit with the target consumers and/or the overall mission of the organization.
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Screening New Product ideas
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Determining how consumers will perceive and use a new product; a step in the new product development process.
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Developing & Evaluating
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Calculating projected costs such as return on investment and cash flow and determining the fixed and variable costs for the long term.
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Performing a product business analysis
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Developing product prototype and giving the product a name, a brand identity, and a marketing mix; a step in the new product development process
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Desiging & Developing the product design
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Testing new product perfromance in a limited area of a national or regional target market to estimate product performance in the respective country or region.
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Test Marketing
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Test marketing simulating purchase environments where samples of target consumers are observed in their product-related decision making processes
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Simulated Test Marketing
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Test marketing that involves offering a new product to a group of stores & evaluating the market's reaction to it.
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Controlled Test Marketing
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Inntroducing a new product to the international marke as the last step in the new product development process.
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Launching the product internationally
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The extent to which a product is new to the market in general or to a group of consumers.
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Degree of product/service newness
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A product never before offered to the market.
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New product or existing market
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A new product that the company offers to the market; the product competes with similar competitive offerings
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New product to existing companies
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A new product category offered by the company.
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New Line
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A new brand that the company offers to the market in an existing product line.
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New item in an existing product line
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The alteration of an existing company product
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Modification
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A product new to the world
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Innovation
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The creation of new industries or new standards of mgmt, manufacturing and servicing that represent fundamental changes for consumers, entailing departures from established consumption
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Radical Innovation
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Innovation that does not alter significantly consumer behavior but still entails a change in the consumption pattern.
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Dynamically continuous innovation
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Product innovation where there is no disruption in consumption patters; such innovations involve product alterations such as new flavors or new products that are improvements over the old offerings
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Continuous Innovation
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__ __ refers to the manner in qhich a product is adopted by consumers worldwide-the speed of adoption by various groups
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Product Diffusion
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New products/services must offer a __ advantage compared to the other offerings available to the market & must be __ with the needs of consumers.
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-Relative
-Compatiable |
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The ability of the consumer to experience a product with minimal effort
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Trialability
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Countries where a product/service is first introduced & adopted
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Lead Countries
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Countries where a product/service is adopted after already being introduced in lead countries
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Lag Countries
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The process by which a product is adopted by consumers worldwide
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Diffusion process
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Risk takers who can afford to pay the higher purchase price charged by companies during the introduction stages of the product; they account for 2.5 percent of the total market.
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Innovators
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Consumers who purchase a product early in its product life cycle and who tend to be opinion leaders in their communities who take risks, but with greater discernment than innovators; they account for 13.5% of the total market.
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Early Adopters
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Consumers who enjoy the status of being among the first in their peer group to purchase a popular product; they account for 34% of the total market.
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Early Majority
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Individuals of limited means who are likely to adopt products only if the products are widely popular and the risk associated with buying them in minimal; they account for 34% of the total market.
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Late Majority
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Consumers who are the last to adopt new products and do so only in late maturity because they are risk averse and very conservatitive in their spending; they account for 16% of the total market.
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Laggards
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