Chapter 8: New Product Development and Product Life Cycle

These flashcards cover the key concepts related to New Product Development and the Product Life Cycle as outlined in the lecture notes.

The Product Life Cycle describes the stages that a new product goes through, namely __, __, __, and __.

Introduction, Growth, Maturity, and Decline.

The marketing objective during the __ phase of the product life cycle is to generate awareness.

Introduction

In the __ phase, profits increase and reached their maximum.

Growth

During the __ phase, the competition is reduced, and the marketing objective is product rationalization.

Decline

One of the critical drivers for product success is __, which helps to make products relevant and ensures future revenues.

Innovation

The inability to recognize significant points of difference in products is a key reason for product __.

Failure

Factors that may deter product adoption include usage, value, and __ risks.

Psychological

The __ curve categorizes consumers into innovators, early adopters, early majority, late majority, and laggards based on their willingness to adopt new products.

Adoption

To extend the Product Life Cycle, companies may employ strategies such as the product or the market.

Modifying; modifying

The __ phase of the Product Development Process involves creating prototypes and getting internal assessments and external consumer tests.

Development