Business Product Analysis and Market Evaluation Quiz

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What is niche marketing?

Niche marketing can be defined as the strategies of targeting a specific segment of the market, which has unique needs, preferences, or characteristics that are not adequately addressed by mainstream products or services.

What are the benefits of niche marketing?

Due to highly specific offering, there are fewer companies with the exact same one. 2. Specifically defined target customers allow the brand to market properly through personalization, which leads to brand loyalty and increased customer retention. 3. Focusing on one customer segment reduces the cost in identifying and understanding the audience. 4. Having a unique offering will make your brand stand out and can help you get featured in media outlets. 5. Serving a niche market will position the brand as an expert in that field.

What role should marketers play in the evaluation phase of the decision-making process?

Marketers should help the customer with proper and adequate information to make a favorable decision.

What is the post-purchase evaluation stage?

It is when consumers assess their satisfaction with the product or service after making a purchase. Signup and view all the answers

What factors can influence the purchase decision of a consumer?

Factors like price, brand loyalty, availability, and perceived value can influence the purchase decision. Signup and view all the answers

What is cognitive dissonance in the context of post-purchase evaluation?

Cognitive dissonance occurs when consumers feel uncertain about the choice they made. Signup and view all the answers

What is organization buying behavior?

Organization buying behavior refers to the process and decision-making activities organizations engage in when purchasing goods and services for their operations. Signup and view all the answers

Which model is associated with complex decision-making and includes EKB (Engel, Kollat, Blackwell) model and Nicosia Model?

The EKB model (Engel, Kollat, Blackwell) and Nicosia Model are associated with complex decision-making. Signup and view all the answers

What is the main objective of organizational buying behavior?

To ensure that the organization gets the best possible deal in terms of quality, price, and service from suppliers. Signup and view all the answers

What are some key characteristics of organizational buying behavior?

Multiple Decision-Making Units, Complex Evaluation Criteria, Rational Decision-Making, Longer Decision Cycles, Relationship Building, Volume Purchases, Strategic Decision-Making, Specialized Knowledge and Expertise. Signup and view all the answers

Why is relationship building essential in B2B buying behavior?

Building and maintaining long-term relationships with suppliers are essential to ensure successful transactions. Signup and view all the answers

What role do new products play in organizational buying behavior?

New products are needed for Faster, Larger & Sustainable growth, filling firm’s strategic planning growth, reflecting the value game of the brand, making new profit, meeting customer expectations, beating competition, and combating environmental threats. Signup and view all the answers

What percentage of Unilever's worldwide revenue should the consumers in India ideally contribute, according to the statement provided?

4% Signup and view all the answers

What percentage of Unilever's worldwide revenue are the consumers in India actually generating, based on the statement?

2% Signup and view all the answers

What is the first stage in New Product Development?

Idea Generation Signup and view all the answers

Why is idea screening important in the NPD process?

To filter and prioritize potential concepts. Signup and view all the answers

Who can provide input during the idea generation stage?

R&D department, Market Research, Employees, External research organization, Customers, Dealers, Natural Happening Signup and view all the answers

What is the purpose of conducting initial feasibility studies during idea screening?

To assess potential risks, benefits, market fit, and alignment with core competencies. Signup and view all the answers

According to S.M Dutta, what is the main challenge in the Indian market?

Making a dramatic improvement – doubling of revenues. Signup and view all the answers

What are the types of new products mentioned in the text?

New-to-the-world product, New products - marketing oriented modification of existing products Signup and view all the answers

What is the primary objective of the prototype development phase?

identify and address any design issues, refine features, and prepare for full-scale production Signup and view all the answers

What is the purpose of a Proof-of-Concept Prototype?

to validate the fundamental concept and feasibility Signup and view all the answers

What is the focus of a Visual Prototype?

product's appearance, user interface, and overall aesthetics Signup and view all the answers

What does a Functional Prototype demonstrate?

how the product will work with key features and functionalities Signup and view all the answers

What are Alpha and Beta Prototypes used for?

testing and validation before mass production Signup and view all the answers

What are some aspects assessed during Prototype Development?

user-friendliness, overall user experience, and product performance under different conditions Signup and view all the answers