MKT 337 Lecture Notes - Lecture 12: U.S. Consumer Product Safety Commission, Consumer Product Safety Act, Federal Trade Commission
Document Summary
Product life cycle: the stages a new-product idea goes through from beginning to end. Market introduction: a stage of the product life cycle when sales are low as a new idea is first introduced to a market. Market growth: a stage of the product life cycle when industry sales grow fast, but industry profits rise and then start falling. Market maturity: a stage of the product life cycle when industry sales level off and competition gets tougher. Sales decline: a stage of the product life cycle when new products replace the old. Fad: an idea that is fashionable only to certain groups who are enthusiastic about it, but these groups are so fickle that a fad is even more short-lived than a regular fashion. New product: a product that is new in any way for the company concerned. Continuous innovations: don"t require customers to learn new behaviors. Dynamically continuous innovations: require minor change in customer behavior.
