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34 Cards in this Set
- Front
- Back
the development of orifinal products, product improvements, product modifications, and new brands through the firm's own R&D efforts
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new-product development
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the systematic serch for new-product ideas
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idea generation
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screening new-product ideas in order to spot good ideas and drop poor ones as soon as possible
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idea screening
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a detailed version of the new product idea stated in meaningful consumer terms
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product concept
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testing new-product concepts with a group of target consumers to find out if the concepts have strong consumer appeal
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concept testing
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designing an initial marketing strategy for a new product based on the product concept
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markeing strategy development
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a review of the sales, costs, and profit projections for a new product to find out whether these factors satisfy the company's objectives
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business analysis
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developing the product concept into a physical product in orer to ensure that the product idea can be turned into a workable product
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product development
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the stage of new-product development in which the product and marketing program are tested in more realistic market settings
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test marketing
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introducing a new product into the market
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commercialization
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new-product development that focuses on finding new ways to solve customer problems and create more customer-satisfying experiences
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customer-centered new-product development
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an approach to developing new products in which various company departments work closely together, overlapping the steps in the product deveopment process to save time and increase effectiveness
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team-based new-product development
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the course of a product's sales and profits over its lifetime. It involves five distinct stages: product development, introduction, growth, maturity, and decline
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product life cycle (PLC)
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a basic and distinctive mode of expression
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style
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a currently accepted or popular style in a given field
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fashion
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a temporary period of unusually high sales driven by consumer enthusism and immediate product or brand popularity
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fad
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the product life-cycle stage in which the new product is first distributed and made available for purchase
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introduction stage
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the product life-cycle stage in which a products sales start climbing quickly
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growth stage
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the product life-cycle stage in which sales growth slows or levels off
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maturity stage
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the product life-cycle stage in which a product's sales decline
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decline stage
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the amount of money charged for a product or service, or the sum of the values that consumers exchange for the benefits of having or using the prduct or service
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price
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setting prices based on buyers' perceptions of value rather than on the seller's cost
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value-based pricing
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offering just the right combination of quality and good service at a fair price
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good-value pricing
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attaching value-added features and services to differentiate a company's offers and to support charging higher prices
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value-added pricing
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selling prices based on the costs for producing, distributing, and selling the product plus a fair rate of return for effort and risk
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cost-based pricing
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costs that do not carry with production or sales level
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fixed costs (overhead)
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costs that vary directly with the level of production
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variable costs
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the sum of the fixed and variable costs for any given level of production
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total costs
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the drop in the average per-unit production cost that comes with accumulated production experience
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experience curve (learning curve)
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adding a standard markup to the cost of the product
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cost-plus pricing
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setting prices to break even on the costs of making and marketing a product; or setting prices to make a target profit
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break-even pricing (target profit pricing)
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pricing that starts with an ieal seling price, then targets costs that wil ensure that the price is met
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target costing
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a curve that shows the number of units the market will buy in a given time period, at different prices that might be charged
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demand curve
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a measure of the sensitivity of demand to changes in price
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price elasticity
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