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Chapter 4: New Product Strategy in Marketing Mix

15 Questions

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Chapter 4: New Product Strategy in Marketing Mix

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Questions and Answers

What does 'THE BASE P' refer to in the context of the 4P's in Marketing?

Price

Place

Product (correct)

Promotion

Which of the following is NOT an alternative form of business model mentioned in the text?

Donations

Licensing (correct)

Rent or Lease

Subscription

What serves as the roadmap for bringing a product idea to life and specifies the details to make the selected business model work?

Competitive Analysis

Business Plan (correct)

Market Estimates

Environmental Analysis

Which element is considered a critical part of business modeling involving a balancing act between the target number of consumers and the profit margin goal per unit sold?

Business Strategy Signup and view all the answers

What are goods in the context of service strategies?

Tangible products that consumers can observe with their senses Signup and view all the answers

Which element of the business plan involves analyzing the potential financial outcomes based on certain assumptions and trends?

Financial Forecasts Signup and view all the answers

What is a key characteristic of services according to the text?

The act of delivery itself is the product Signup and view all the answers

What differentiates services from goods according to the text?

It is difficult for customers to evaluate the quality of services Signup and view all the answers

What is a key element of branding mentioned in the text?

Brand Equity Signup and view all the answers

What is Brand Equity according to the text?

The value of the brand expressed in pesos Signup and view all the answers

What does Brand Valuation refer to according to the text?

The value of a brand or the amount someone is willing to pay for it Signup and view all the answers

What are the 5 progressive levels of Brand Equity according to the text?

Brand awareness, Brand acceptability, Brand preference, Brand loyalty Signup and view all the answers

What are the 5 steps in developing a brand according to the text?

Developing brand strategy, Developing creative theme, Creating the name, Testing the name, Screening for trademark availability Signup and view all the answers

What does Product Portfolio refer to according to the text?

The collection of all products or services offered by a company Signup and view all the answers

'Economies of Scale' pertains to what according to the text?

The reduction in costs of goods when production is ramped up Signup and view all the answers