Business Product Analysis and Market Evaluation Quiz

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.

1. 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.

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

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

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

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

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

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

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

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

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

<p>New products are needed for Faster, Larger &amp; 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.</p> Signup and view all the answers

<p>4%</p> Signup and view all the answers

<p>2%</p> Signup and view all the answers

<p>Idea Generation</p> Signup and view all the answers

<p>To filter and prioritize potential concepts.</p> Signup and view all the answers

<p>R&amp;D department, Market Research, Employees, External research organization, Customers, Dealers, Natural Happening</p> Signup and view all the answers

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

<p>Making a dramatic improvement – doubling of revenues.</p> Signup and view all the answers

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

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

<p>to validate the fundamental concept and feasibility</p> Signup and view all the answers

<p>product's appearance, user interface, and overall aesthetics</p> Signup and view all the answers

<p>how the product will work with key features and functionalities</p> Signup and view all the answers

<p>testing and validation before mass production</p> Signup and view all the answers

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