Better Business, 5/e

Chapter 13 Summary

1. 13-1 Explain the steps that take place during new product development, define the product life cycle, and describe how a product is distinguished from a total product offer.

• The steps in the new-product development process are idea generation, idea screening, product analysis, concept development and testing, product and marketing mix development, market testing, and commercialization.

• The product life cycle is a theoretical model describing a product’s sales and profits over the course of its lifetime. Introduction, growth, maturity, and decline are stages in the product life cycle.

• A product is any good, service, or idea that might satisfy a want or a need. A total product offer consists of all the tangible and intangible ...