| A | B |
|---|
| product life cycle | stages of THIS inlude Introduction, growth, maturity, and decline |
| introduction | In this stage, there is a need for informative promotion |
| growth | THIS second stage is definitely more profitable than the introduction phase and innovators begin making LARGE profits |
| maturity | An industry with tough competition faces falling profits, and its sales growth is slow defining what stage of the product life cycle |
| second mover | one that quickly follows a pionee |
| fashion-related products | THESE have SHORT life cycles |
| phase-out strategy | THIS is NOT a strategy to rejuvenate sales of a product in decline but is a way to end the product |
| Discontinuous innovations | require that customers adopting the innovation significantly change their behavior. |
| continuous | changing the color of a product would be this type of innovation |
| dynamically continuous | the type of innovation that requires only minor changes in customer behavio |
| patents | THESE give firms a short-term monopoly on their new technology. |
| planned obsolescence | Releasing new products that a company plans to soon replace |
| development | the stage that a company is most likely in if the company has created a prototype and is testing a marketing mix and the product manager has developed an estimate of the return on investment. |
| reverse engineering | taking a competitors product apart and looking for ways to improve it for their own |
| CPSC | THIS agency can order costly repairs of unsafe products, order returns of “unsafe products, back up its orders with jail sentences, back up its orders with fines. |
| product liability | legal obligation of sellers to pay damages to individuals who are injured by defective or unsafe product |
| concept testing | asking potential consumers questions and gauging how well new products will meet the needs and tastes of customers. |
| prototype | an early sample or model built to test a concept. |
| co-creation process | where customers react to prototypes and suggest improvements |
| rapid prototyping. | cocrfeation uses this where customers is received and quickly designed into a revision of the product and then sent back to customers for more input |
