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Related Flashcards
Related Topics
Cards In This Set
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Advantages of Being First on the Market
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Increased sales through longer sales lifeIncreased marginsIncreased product loyaltyGreater market responsivenessA sustained leadership position
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New Product
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A product new to the world, the market, the producer, the seller, or some combination of these
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New-to-the-world Product
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Create an entirely new market
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New Product Lines
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These products, which the firm has not previously offered, allow it to enter new or establish markets
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Additions to Existing Product Lines
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Includes new products that supplement a firm's established line
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Improvements or Revisions of Existing Products
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The "new and improved" product may be significantly or slightly changed
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Repositioned Products
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Existing products targeted at new markets or market segments, or repositioned to change the current market's perception of the product
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Lower-priced Products
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Products that provide performance similar to competing brands at a lower price
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New-Product Strategy
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A plan that links the new-product development process with the objectives of the marketing department, the business unit, and the corporation
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Idea Generation
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CustomersEmployeesDistributorsCompetitorsVendorsResearch and DevelopmentConsultants
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Applied Research
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Takes these new technologies and tried to find useful applications for them
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Basic Research
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Scientific research aimed at discovering new technologies
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Product Development
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A marketing strategy that entails the creation of marketable new products; the process of converting applications for new technologies into marketable products
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The two considered most useful for generating new-prodcut ideas are...
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BrainstormingFocus Groups
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Brainstorming
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The process of getting a group to think of unlimited ways to vary a product or solve a problem
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