Podcast
Questions and Answers
Copyright is a set of exclusive rights granted to the author or creator of an original work, including the right to copy, distribute and ______ the work.
Copyright is a set of exclusive rights granted to the author or creator of an original work, including the right to copy, distribute and ______ the work.
adapt
Innovative products exist out of real needs, and there may be no ______ products that can be made available.
Innovative products exist out of real needs, and there may be no ______ products that can be made available.
substitute
Product planning is a process used to identify and develop new ______.
Product planning is a process used to identify and develop new ______.
products
A warranty describes the conditions under, and period during, which the producer or vendor will repair, replace, or otherwise compensate for, the defective item without cost to the ______ or user.
A warranty describes the conditions under, and period during, which the producer or vendor will repair, replace, or otherwise compensate for, the defective item without cost to the ______ or user.
Guarantee is an assurance that the manufacturer's product is of ______ quality.
Guarantee is an assurance that the manufacturer's product is of ______ quality.
Product Positioning is a marketing strategy that aims to make a brand occupy a distinct '______,' relative to competing brands.
Product Positioning is a marketing strategy that aims to make a brand occupy a distinct '______,' relative to competing brands.
The creation of products with new or different characteristics that offer new or additional benefits to the ______ is called Innovation.
The creation of products with new or different characteristics that offer new or additional benefits to the ______ is called Innovation.
The Introduction stage emphasizes that the new product is of better quality and has a more reasonable ______ than products of competitors.
The Introduction stage emphasizes that the new product is of better quality and has a more reasonable ______ than products of competitors.
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Study Notes
Copyright
- Grants exclusive rights to authors or creators of original works.
- Includes rights to copy, distribute, and adapt their work.
Innovative Products
- Arise from genuine needs without substitute products available.
- Serve as solutions to specific consumer requirements.
Product Definition
- Anything offered to a market for attention, acquisition, use, or consumption.
- Aims to satisfy wants or needs.
- Product planning involves identifying and developing new products.
- The maturity stage often sees a decline in sales rate and profit.
Industrial Design
- Refers to the composition of lines, colors, or three-dimensional forms.
- Must provide a unique appearance and can act as a pattern for industrial or handicraft products.
Warranty
- Details the conditions and duration during which a producer or vendor will repair or replace defective items at no cost to the buyer.
Guarantee
- Assures that a manufacturer's product meets a standard quality.
- Acts as a commitment to product performance.
Product Policy
- Serves as a guide for making informed product decisions.
Product Positioning
- A marketing strategy to establish a brand's unique position in consumers' minds relative to competitors.
Innovative versus Imitative Products
- Innovative products feature new characteristics offering additional customer benefits.
- Imitative products may resemble others in physical design but not conceptually, and are legal to produce.
Idea Screening and Development
- Screening evaluates generated ideas to select the best and discard unsound concepts.
- Development focuses on creating products with distinct attributes for added value.
Introduction Stage
- The product is launched into the market during this phase.
- Emphasizes superior quality and competitive pricing compared to existing products.
Product Line
- A collection of related products that function similarly or target the same customers.
- Marketed through similar channels and within designated price ranges.
Packaging
- Involves designing and producing containers or wrappers for products.
- Integral component of product planning and branding strategy.
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