Flashcard Set Preview
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| 1 |
line extension
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development of a product that is closely related to existing products in the line but is designed...
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line extension
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less expensive, lower risk alternative for increasing sales than new products
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managing existing products
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1. line extensions2. product modifications3. quality modifications4. functional modifications5....
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8 dimensions of product quality
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performance, features, reliability, conformance, durability, serviceability, aesthetics, perceived...
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aesthetics
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how a product looks
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customer services
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human or mechanical efforts or activities that add value to a product
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developing new products
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-offers innovative benefits-different and distinctly better than existing-new to world, the...
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new to the world
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never been sold by any organization
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new to the firm
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never been sold before by that organization
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new to the market
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never been sold in that market
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1. not a big enough market2. no benefit3. someone else already doing it4. too expensive5. bad...
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why do new products fail
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phases of new product development
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idea generation- screening- concept testing- business analysis -product development -test...
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idea generation
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seeking product ideas to achieve organizational objectives-internal sources-external sources
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screening
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choosing the most promising ideas for further review-cannibalization?-capability and fit-needs...
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concept testing
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seeking potential buyers' responses to a product idea
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form
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physical thing
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benefit
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what it does for customer
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technology
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how form is attained-could drive off customers
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components of a concept
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form, benefit, technology
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sense based products, arts and entertainment, technology
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concept testing not done for
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| 21 |
prototype testing
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using a physical prototype to test around-more reliable-decisions must be made possibly too...
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| 22 |
business analysis
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assessing the potential of a product idea for the firm's sales, costs and profits
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parts of business analysis
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demand, potential market change, capabilities, costs (developing and marketing)
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| 24 |
product test
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determining if producing a product is technically feasible and cost effective (pilot test)-lengthy...
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alpha testing
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in house, marketers house at the lab
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beta testing
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at customer sites-not designed for customer perceptions-designed to find problems-could strain...
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gamma testing
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item is thoroughly evaluated by end user*ideal testex: test drive
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test marketing
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a limited introduction of a product in geo areas chosen to represent the intended market
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1.exposes product to environment and assesses its sales potential2.id weaknesses in the product3.allows...
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benefits of test marketing
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commercialization
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refining and finalizing plans and budgets for full scale manufacturing and marketing of a product
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| 31 |
product deletion
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eliminating a product from the product mix when it no longer satisfies a sufficient number...
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yes
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do most organizations find it difficult to delete a product?
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phase out, run out, immediate drop
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3 ways to delete
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phase out
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allows the product to decline without a change in the marketing strategy, no attempt is...
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run out
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exploits any strengths left in the product-intense marketing efforts in core markets or...
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immediate drop
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best strategy when losses are too great to prolong the product's life
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product manager
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the person within an organization who is responsible for a product, product line...
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brand manager
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the person responsible for a single brand
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product and brand managers
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who work together to plan marketing activities to achieve objectives by coordinating a mix...
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market manager
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the person responsible for managing the marketing activities that serve a particular group...
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| 41 |
venture team
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a cross functional group that creates entirely new products that may be aimed at new markets
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| 42 |
venture team
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responsible for all aspects of developing a product: research, development, production, finance,...
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