Developing New Products
Ideas for new products, often based on market research.
What is idea development?
Products with no brand name or trademark and carry only their generic name.
What are generic products?
Encouraging purchases based on emotion rather than rational responses to the price, such as charging $9.99 instead of $10.
What is psychological pricing?
Asking the prospect to buy the product.
What is closing?
Any attempt to add value or other incentives for buyers such as coupons or discounts.
What is sales promotion?
A mini or small-scale test launch of a product in limited areas to test if the product could be successful.
What is test marketing?
A brand that is registered with the US Patent and Trademark Office and cannot be used by other companies.
What is a trademark?
Placing lower priced generic items next to more expensive items to increase sales.
What is reference pricing?
Using a referral or calling on a customer without prior notice to determine interest in the product.
What is approaching?
Using promotion to create consumer demand for a product in order to increase sales.
What is pull strategy?
Assessing if the organization has the resources for a new idea.
What is new idea screening?
Any products used in the operation or manufacturing process.
What are business products?
Charging the highest possible price that buyers who want the product will pay.
What is price skimming?
Getting the prospect’s attention with a product demonstration.
What is presenting?
Attempting to motivate wholesalers and retailers to make the product available or sell the product to customers.
What is push strategy?
Full introduction of a product and marketing strategy into the market to create profits.-This is when products are now being sold.
What is commercialization?
Any products intended for family, personal, or household use such as clothing, food, personal hygiene products.
What are consumer products?
A low price designed to help a product enter the market and gain market share rapidly.
What is penetration pricing?
Checking customer satisfaction with the purchased product.
What is following up?
Promoting benefits or features of a product in a sales pitch.
What is the value-added approach?
Assessing if the new product is likely to be profitable.
What is business analysis?
All the products offered by an organization.
What is a product mix?
Buy one get one free could be an example of this type of pricing.
What is psychological pricing?
Countering reasons for not buying the product.
What is handling objections?
Asking customers questions to identify their needs during a sales pitch.
What is the solution-based approach?