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Questions and Answers
What are needs?
What are needs?
- New ideas introduced in a product or service
- The ways to differentiate products from competitors
- Requirements essential for survival and optimal functioning (correct)
- Desires or aspirations that individuals seek to attain
A _____ is a concise statement of the value your company creates in the world.
A _____ is a concise statement of the value your company creates in the world.
Value Proposition
What is a Unique Selling Proposition (USP)?
What is a Unique Selling Proposition (USP)?
- A procedure for performing economic analysis
- The fundamental reason a customer should buy from your company
- The defining factor that differentiates a product or service from the competition (correct)
- A marketing practice to create brand awareness
What is the first step in the product development process?
What is the first step in the product development process?
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Innovation refers to the introduction of something new in your product or service.
Innovation refers to the introduction of something new in your product or service.
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What is the purpose of refining product specifications?
What is the purpose of refining product specifications?
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What does performing an economic analysis involve?
What does performing an economic analysis involve?
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Branding involves creating a name, symbol, or design to identify and differentiate your product or _____ from the rest.
Branding involves creating a name, symbol, or design to identify and differentiate your product or _____ from the rest.
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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.
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