| A | B |
|---|
| Brainstorm | To use a creative-thinking technique involving the identification of as many different ideas as possible during a certain time frame; can be done by one person but is used most often in a group setting |
| Commercialization | The point at which a product goes into full-scale production, the marketing plan is put into place, service and sales training are done, and the product’s life cycle begins |
| Decline stage | The product life cycle stage in which sales and profits fall rapidly |
| Growth stage | The product life cycle stage in which sales rise rapidly |
| Introduction stage | The product life cycle stage when the product first appears in the marketplace |
| Maturity stage | The product life cycle stage in which sales peak and then increase at a slower rate or start to decline |
| New product | A good or service that has not been offered before, has been modified in some way, or is being presented or distributed in a different manner |
| Product development | The stage in the creation of a new product in which a working model may be tested, modified, and retested; production costs are estimated and final details of the product are planned, e.g., label, promotion, and distribution |
| Product elimination | The removal of a weak product from the market and from the company’s product mix; also known as product discontinuation |
| Product life cycle | The stages through which goods and services move from the time they are introduced on the market until they are taken off the market |
| Product mix | The particular assortment of goods and services that a business offers in order to meet the needs of its market(s) and its company goals |
| Prototype | An early sample or model of a product |
| Screening | Reviewing in order to make a decision as to what should be kept and what should be discarded |
| Test marketing | The process of introducing a new product to a limited market to determine what its acceptance will be |
| Weak product | A product whose sales and profitability are declining |
