Addition of a new product to an already established line of products under the same brand name, allowing the new product to benefit from the established reputation of the older product.
Computer Integrated Manufacturing (CIM) is an integrated computerized system combining all elements of Computer-Assisted Design (CAD) and Computer-Aided Manufacturing (CAM) to ensure efficient product development and manufacturing through real-time coordination.
A concept test is a type of research study whose main goal is to evaluate an idea or concept developed to determine its potential success. It aims to assess the effectiveness of an advertising campaign in reaching its intended objectives.
Corporate culture refers to the general organizational operating environment, including ethical and value structures, impacting employees, management, and customer relations, as well as the types of products and services the organization produces, and the approaches to production, marketing, advertising, and service quality.
Development encompasses the processes of enhancing products or creating new types of products, as well as the process of placing improvements on or making enhancements to parcels of land within the real estate industry.
Development costs refer to expenses associated with the creation and launch of new products or services. This includes the research, testing, design, and other activities necessary to bring an idea to market.
Differentiated marketing refers to a strategy that entails customizing products and marketing efforts to meet the distinct needs of different segments of consumers.
A marketing strategy where the same brand name is given to a number of products to encourage recognition, ease the introduction of new products, increase market acceptance, and lower marketing costs.
A focus group is a form of market research where a small group of people, usually 5-10, is asked about their attitudes toward a product, concept, advertisement, idea, or packaging. This detailed feedback helps in improving or tailoring products to market needs.
The life cycle refers to the stages a firm or its product passes through, such as development, growth, expansion, maturity, saturation, and decline. Unlike certain staple products, most new products follow this progression.
Market research involves exploring the size, characteristics, and potential of a market to identify consumer needs and preferences, usually before developing a new product or service.
Marketing encompasses the strategic activities involved in promoting the sale of goods or services. This discipline is centered around the Four Ps: product, price, place, and promotion.
The structured sequence of stages involved in bringing a new product or service concept to market, encompassing market analysis, targeting, development, distribution, and feedback analysis.
The Product Life Cycle (PLC) is a theory that postulates the development of a product through various stages, guiding marketing managers in devising effective strategies and decisions. It encompasses introduction, growth, maturity, and decline stages.
Product Research and Development (PR&D) involves activities performed by a team of professionals working to transform a product idea into a technically sound and promotable product. This process, also referred to as Research & Development (R&D), is essential for innovation and maintaining competitive advantage in the market.
Research and Development (R&D) refers to the investigative activities a business conducts to improve existing products and procedures or to lead to the development of new products and procedures. Key components are innovation and technological advancements.
Test marketing is a form of marketing that occurs during the product-testing step of the overall product development process, where selected areas are chosen for the actual introduction of the product. Sales and consumer reactions are monitored for an overall evaluation.
