Product Development and Consumer Needs

Study Notes

Needs and Wants

Needs are essential requirements for survival and optimal functioning.
Wants represent desires or aspirations influenced by personal preferences and societal factors.

Product Development Steps

Analyzing competitive products helps gauge current demand and devise strategies to surpass competitors.
Generating product concepts involves creating multiple ideas that meet defined target specifications.
Selecting a product concept is done through evaluation processes and market research to gather customer feedback.
Refining product specifications includes defining necessary requirements for product teams to develop features and functionalities.
Performing economic analysis assesses costs versus benefits, determining project viability or investment opportunities.
Planning the remaining development project requires outlining activities, resources, expenses, and schedules with milestones for progress tracking.

Key Concepts

A value proposition is a clear statement conveying the unique value a company offers to customers, driving purchasing decisions.
Unique Selling Proposition (USP) differentiates a product or service from competitors with a defining feature.
Innovation is the introduction of new ideas, methods, or devices in a product or service context.
Branding is a strategic marketing practice that creates distinct names, symbols, or designs for products, serving as a promise to consumers.

Description

This quiz explores essential concepts of needs and wants, focusing on their impact on product development. It covers steps involved in creating successful products, including analyzing competition, refining specifications, and planning development. Test your understanding of the product development process and the role of market research.