10 Questions
Summarize 4 major factors that gave rise to global competition. Rise of global competition is influenced by the _________ of product ideas, product life cycle, Ansoff growth matrix, and factors influencing new product development process.
sources
Product life cycle consists of stages like introduction, growth, maturity, and _________. Managers should behave differently in each stage to ensure successful product management.
decline
In general, demand for a service can be influenced by factors like pricing, branding, consumer behavior, and overall _______ in the market.
competition
The difference between invention and innovation lies in the fact that invention refers to creating something new, while innovation involves implementing new ideas to create _________. For instance, British and Japan have different approaches to innovation.
value
In the final stage of a product, it can be deleted from the market through options like revitalizing the product, taking it out of the market, or introducing ________ strategies.
exit
Explain the factors that influence the rise of global competition.
Factors such as sources of product ideas, product life cycle, Ansoff growth matrix, and factors influencing new product development process contribute to the rise of global competition.
What are the stages of the product life cycle, and how should managers behave in each stage?
The stages include introduction, growth, maturity, and decline. Managers should adapt their strategies to suit the needs of each stage for effective product management.
Discuss the relationship between invention and innovation, citing examples of British and Japanese approaches.
Invention involves creating something new, while innovation is about implementing new ideas. For example, British focus on invention, while Japan emphasizes innovation.
How can demand for a service be influenced, and what factors play a role in shaping market demand?
Demand can be influenced by pricing, branding, consumer behavior, and market trends. These factors collectively determine the level of demand for a service.
What are the possibilities for the final stage of a product, and how can a product be removed from the market?
In the final stage, options include revitalizing the product, taking it out of the market, or introducing exit strategies. Products can be removed from the market through strategic decisions based on market conditions.
Explore factors contributing to global competition, sources of product ideas, and the manager's role in each stage of the product life cycle. Learn about the factors influencing demand for services and the concept of Ansoff growth matrix. Delve into the final stage of a product's life cycle and how it is terminated.
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