New Products
refers to the buying of a whole company, a patent, or a license to produce someone else’s product
What is Acquisitions
Refers to the initial marketing strategy for introducing the product of the market
What is Marketing Strategy Development
the course that a product’s sales and profits take over its lifetime
What is Product life cycle (PLC)
Riddle: What has two hands but cannot clap
What is a clock
refers to original products, product improvements, product modifications, and new brands developed from the firm’s own research and development
What is new product development
A Marketing strategy statement includes one of the following
What is •Description of the target market
•Product positioning, sales, market share, and profit goals
•Price, distribution, and budget
•Long-term sales, profit goals, and marketing mix strategy
List two of four of the stages of a product life cycle
• Product development
• Introduction
• Growth
• Maturity
• Decline
Riddle: what has four legs but cannot walk
What is a table
Alexander Graham Bell's first telephone is an example of what stage in a product development
what is innovative or brand new product
Involves a review of the sales, costs, and profit projections to find out whether they satisfy the company’s objectives
What is Business Analysis
when a company tries to increase consumption of the current product
What is Market modifying strategy
Riddle: what is white when its dirty but black when its clean
What is a chalkboard
-Idea Generation
-Idea Screening
-Concept Development and Testing
-Marketing Strategy Development
-Business Analysis
These are an example of what process
what is new product development process
Involves the creation and testing of one or more physical versions by the R&D or engineering departments. Requires an increase in investment.
What is Product Development
Product, Price, and Distribution is an example of what
What is Marketing mix modifying strategy
Riddle: what has an eye but cannot see?
What is a needle
companies do this to increase revenue and gain ne clients
What is research and development or new product development
The stage at which the product and marketing program are introduced into more realistic marketing settings and provides the marketer with experience in testing the product and entire marketing program before full introduction
Test Marketing
A fad which is temporary period of unusually high sales driven by consumer enthusiasm and immediate product or brand popularity is an example of what type of Product Life Cycle
What is a “Special” Product Life-Cycle
Riddle: what has keys that open no locks, space but no room, and you can enter but not go in
What is a computer keyboard