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.
adapt
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 ______.
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.
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Guarantee is an assurance that the manufacturer's product is of ______ quality.
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Product Positioning is a marketing strategy that aims to make a brand occupy a distinct '______,' relative to competing brands.
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The creation of products with new or different characteristics that offer new or additional benefits to the ______ is called Innovation.
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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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Description
This quiz explores key concepts related to copyright, innovative products, and product planning. Understand how copyright protects creators' rights and learn about the stages of product development. Test your knowledge on these essential marketing and legal concepts.
