MKT Exam 2 (class 9)

What is the new product consumer adoption process?

the mental process an individual goes through from first learning about an innovation to final regular use

What are the five steps of the new product consumer adoption process?

-awarness

-intereste

-evaluation

-trial

-adoption

What is the new development process?

-idea generation

-idea screening

-concept development testing

-marketing strategy development

-business analysis

-product development

-test marketing

-commercialization

What is idea generation?

the systematic search for new product ideas

What is idea screening?

identifying good ideas and dropping bad ones early in the process

What is product concept?

the detailed version of the product idea stated in meaningful consumer terms

What is concept testing?

refers to testing new-product concepts with groups of target consumers

What is the marketing strategy development?

refers to the initial marketing strategy for introducing the product to the market

What is business analysis?

involves a review of the sales, costs, and profit projections to find out whether they satisfy the company's objectives.

What is product development?

involves the creation and testing of one or more physical versions by the R&D or engineering departments

What is test marketing?

the stage at which the product and marketing program are introduced into more realistic marketing settings

What is commercialization?

the formal introduction of the new product

What is the product lifestyle?

introduction, growth, maturity, decline

What is style?

a cycle showing several periods of renewed interest

What is fad?

a temporary period of unusually high sales with a quick decline