Product Type
Products that take longer for consumers to see the benefits of or that do not have a good infrastructure in place to support them
What is a high-learning product?
These inventions have never been seen before and create a new market
What is a new-to-the-market product?
This stage evaluates an idea to determine whether it fits into the new product strategy
What is idea screening?
The four phases of the PLC include
What is introduction, growth, maturity and decline?
The five adopter categories
What are Innovators, Early Adopters, Early Majority, Late Majority, Laggards?
Products with benefits customers can easily see
What is a low-learning product?
This product is new to the company but not new to the marketplace
What is a new-category entry?
When coming up with a set of product concepts from which to identify potentially viable new products is known as
What is idea generation?
In this stage sales are low and costs are high
What is the introduction stage?
This adopter group is the first to try new products
What is an innovator?
A product that goes in and out of favor with consumers
What is a fashion product?
This product extends and supplements a company's already-established product line
What is a product-line extension?
This stage is when a product is analyzed whether it can make a profit or loss
What is the business analysis stage?
In this stage, profits peak
What is the growth stage?
This process is how a product spreads throughout a community or population
What is diffusion?
A product that is popular for a short amount of time
What is a fad product?
This alters or changes an existing product in some way
What is a revamped product?
This stage involves introducing a potential new product to a limited market
What is test marketing?
Products enter the decline stage because of this:
What are technological advances, shifting consumer preferences, or increased competition?
This group is the last to try or adopt a product
What is a laggard?
Brands or products typically do this to in the mature stage to extend its life
What is product renewal or product line extension?