Podcast
Questions and Answers
Product classification is based on the purpose for which they are bought: True or False?
Product classification is based on the purpose for which they are bought: True or False?
True
New product development can only be for truly new products and not existing ones: True or False?
New product development can only be for truly new products and not existing ones: True or False?
False
The process of new product development consists of 5 steps: True or False?
The process of new product development consists of 5 steps: True or False?
False
A product includes tangible and intangible attributes: True or False?
A product includes tangible and intangible attributes: True or False?
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Consumer products are bought by businesses for consumption: True or False?
Consumer products are bought by businesses for consumption: True or False?
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What are the two classifications of products mentioned in the text?
What are the two classifications of products mentioned in the text?
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What are the elements of a product as mentioned in the text?
What are the elements of a product as mentioned in the text?
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What is the meaning of a product according to the text?
What is the meaning of a product according to the text?
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What are the reasons for new product development as mentioned in the text?
What are the reasons for new product development as mentioned in the text?
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What are the methods of new product development according to the text?
What are the methods of new product development according to the text?
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Study Notes
Product Meaning and Elements
- A product encompasses tangible and intangible attributes that satisfy consumer needs.
- Key elements include packaging, color, price, quality, brand name, and services provided by manufacturers and retailers.
Product Classification
- Products can be classified based on their purpose:
- Consumer Products: Goods or services purchased by final consumers for personal consumption.
- Business Products: Goods or services intended for use in production or operations by businesses.
New Products
- New products can be categorized into:
- Truly New Products: Innovations that create entirely new markets or redefine existing ones.
- Existing Products: Modifications or improvements of currently available offerings.
Reasons for New Product Development
- Various motivations drive the development of new products, which may include:
- Responding to market demand
- Technological advancements
- Competitive pressures
- Enhancing brand reputation and growth potential.
Methods of New Product Development
- Common methodologies include:
- Research and Development (R&D): Involves scientific research to create new products and enhance existing ones.
- Acquisition: Purchasing existing products or companies to integrate into a business portfolio.
New Product Development Process
- The process typically consists of seven sequential steps:
- Idea generation
- Idea screening
- Concept development
- Market strategy development
- Business analysis
- Product development
- Market testing and commercialization.
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Description
Test your knowledge of product development with this quiz covering product meaning, classification, new product development, reasons for development, methods of development, and the product development process. Whether you are a student or professional, this quiz will help reinforce your understanding of key concepts in product development.
