New-product development
The development of original products, improvements, modifications, and brands through the firm's own product development efforts.
Idea generation
The systematic search for new-product ideas.
Idea screening
Screening new-product ideas in order to spot good ideas and drop poor ones as soon as possible.
Product concept
A detailed version of the new product idea state in meaningful consumer terms
Concept testing
Testing new-product concepts with a group of target consumers to find out if the concepts have strong consumer appeal.
Marketing strategy development
Designing an initial marketing strategy for a new product based on the product concept.
Product development
Developing the product concept into a physical product to ensure that he product idea can be turned into a workable market offering.
Business analysis
A review of the sales, costs, and profit projections for a new product to find out whether these factors satisfy the company's objectives.
Test marketing
The stage of new-product development in which the product and marketing program are tested in realistic market settings.
Commercialization
Introducing a new product into the market.
Customer-centered new-product development
New-product development that focuses on finding new ways to solve customer problems and create more customer-satisfying experiences.
Team-based new-product development
An approach to developing new products in which various company departments work closely together, overlapping the steps in the product development process to save time and increase effectiveness.
Product life cycle
The course of a product's sales and profits over its lifetime
Style
A basic and distinctive mode of expression
Fashion
A currently accepted or popular style in a given field.
Fad
A temporary period of unusually high sales driven by consumer enthusiasm and immediate product or brand popularity.
Introduction stage
The product life-cycle in which the new product is first distributed and make available for purchase
Growth stage
The product life-cycle stage in which a product's sales start climbing quickly
Maturity stage
The product life-cycle stage in which sales growth slows or levels off.
Decline stage
The product life-cycle stage in which a product's sales decline.