Product Innovation and Brand Strategy Lecture

A set of vocabulary flashcards covering key concepts related to product innovation and brand strategy discussed in the lecture.

New Product Development (NPD)

The process of bringing a new product to the market.

Innovators

The first to test an idea or product, often taking financial risks and acting as thought-leaders.

Early adopters

Invest in new products when benefits become apparent, often having a high degree of opinion leadership.

Product Life Cycle

The progression of a product through stages: introduction, growth, maturity, and decline.

Time to Market

The speed at which a product is brought to market, impacting competitive advantage and profitability.

Rate of Diffusion

The rate at which a new idea or product is accepted by the market, indicating how quickly it spreads among consumers.

Brand Equity

The value a brand adds to a product, influenced by customer perception, experience, and loyalty.

Private Label

Products branded by a retailer which are typically sold at lower prices compared to manufacturer brands.

Co-branding

A marketing strategy that combines two or more brands to create a product or service.

Brand Resonance

The relationship intensity and activity between customers and a brand, characterized by loyalty and community.

Boston Consulting Group (BCG) Matrix

A strategic tool to evaluate the relative position of products based on market growth and market share.

Consumer Reaction Unknown

A marketing problem in New Product Development when the acceptance of a product by consumers is uncertain.