Glossary
Chapter 10: Developing and Managing ProductsJump to a chapter's terms: 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24
- Brand manager
- The person responsible for a single brand. p. 297
- Business analysis
- A company's evaluation of a product idea to determine its potential contribution to the company's sales, costs and profits. p. 301
- Commercialisation
- The process of refining and settling plans for full scale manufacturing and marketing. p. 304
- Concept testing
- Seeking potential buyers' responses to a product idea. p. 301
- Exclusive distribution
- Market coverage in which only one outlet is used in a geographic area. p. 307
- Functional modifications
- Changes that affect a product's versatility, effectiveness, convenience or safety. p. 310
- Idea generation
- The process by which businesses and other organisations seek product ideas that will help them achieve their objectives. p. 299
- Immediate drop
- An option that drops an unprofitable product immediately. p. 313
- Intensive distribution
- Market coverage in which all available outlets are used for distributing a product. p. 307
- Line extension
- A product that is closely related to existing products in the line, but meets different customer needs. p. 305
- Marketing manager
- The person responsible for managing the marketing activities that serve a particular group or class of customers. p. 297
- New product development
- The process a product goes through before introduction, involving seven phases: idea generation, screening ideas, concept testing, business analysis, product development, test marketing and commercialisation. p. 299
- Phase out
- An approach that lets the product decline without a change in marketing strategy. p. 312
- Product adoption process
- The stages buyers go through in accepting a product: awareness, interest, evaluation, trial and adoption. p. 305
- Product deletion
- The process of eliminating a product that no longer satisfies a sufficient number of customers. p. 311
- Product development
- The phase in which the organisation determines if it is technically and financially feasible to produce a new product. p. 301
- Product manager
- The person responsible for a product, a product line or several distinct products that make up an interrelated group within a multi-product organisation. p. 297
- Product modification
- The alteration of one or more characteristics of a company's product. p. 308
- Quality modifications
- Changes that affect a product's dependability and durability. p. 308
- Run out
- A policy that exploits any strengths left in the product. p. 312
- Screening ideas
- The process by which a company assesses whether product ideas match its organisational objectives and resources. p. 300
- Selective distribution
- Market coverage in which only some available outlets in an area are chosen to distribute a product. p. 307
- Style modifications
- Changes that alter a product's sensory appeal- taste, texture, sound, smell or visual characteristics. p. 310
- Test marketing
- The limited introduction of a product in geographic areas chosen to represent the intended market. p. 302
- Venture or project team
- The group that creates entirely new products, perhaps aimed at new markets, and is responsible for all aspects of the products' development. p. 297