Key Terms Of Marketing

New-product development
 The development of original products,product improvements, product modifications, and new brands
through the firm's own R&D efforts.
Idea generation
 The systematic search for new-product ideas.
Idea screening Screening new-product ideas in order to spot good ideas
and drop poor ones as soon as possible.
Product concept
 A detailed version of the new-product idea stated in
meaningful consumer terms.
Concept testing Testing new-product concepts with a group of target
consumers to find out if the concepts have strong consumer
appeal.
Business analysis A review of the sales, costs, and profit projections for a new
product to find out whether these factors satisfy the
company's objectives.
Product development
A strategy for company growth by offering modified or new
products to current market segments. Developing the
product concept into a physical product in order to ensure
that the product idea can be turned into a workable product.
Commercialization Introducing a new product into the market.
Test marketing The stage of new-product development in which the
product and marketing program are tested in more realistic
market settings.
Sequential product development
A new-product development approach in which one
company department works to complete its stage of the
process before passing the new product along to the next
department and stage.
Introduction stage
The product life-cycle stage in which the new product is
first distributed and made available for purchase.
Growth stage 
The product life-cycle stage in which a product's sales start
climbing quickly.
Maturity stage
The stage in the product life cycle in which sales growth
slows or levels off