MKT 300 Study Guide - Final Guide: Integrated Marketing Communications, Sales Promotion, Stopping Power
Document Summary
Product mix: all the product lines and products a company offers. Line extension: a new product closely related to others in the line. Why innovations succeed: relative advantage, compatibility, complexity, trialability, observability. Idea generation: the gathering of suggestions for new products from a number of sources using a range of formal and informal methods. Controlled test market: consumer panels or other technique to gain similar information obtained from real markets. Simulated product test: experimentation with the marketing strategy in artificial conditions: commercialization: final stage in the new-product development process, when the product is introduced into the market. Introduction: sales slowly take off and grow: growth: the pace or consumer acceptance and sales quickens, maturity: as product matures, sales level of and may remain flat for long periods, decline: sales of new units diminish. Consumer acceptance of innovation: adoption process: the steps an individual consumer goes through in making a product choice.
