Product Development Quiz

Product Types, Quality, Line, Mix, and Development

• A product is a tangible or intangible offering that can satisfy a consumer's need or want.
• The three levels of product include the core product, the actual product, and the augmented product.
• Products can be classified into four types based on the process through which consumers acquire them: convenience, shopping, specialty, and unsought products.
• The dimensions of product quality include the level and consistency of quality.
• A product line is a group of related products that are sold by a company, and its length refers to the number of products in a product line.
• Stretching involves adding products that are higher or lower in price or quality than the existing line, while filling involves adding more products within the same price and quality range.
• Product mix refers to the total set of products offered by a company, including the width, length, depth, and consistency.
• Characteristics of a good brand name include being suggestive, easy to pronounce and remember, distinctive, extendable, translatable, and legally protectable.
• Ways to obtain new products include internal R&D, acquisitions, licensing, joint ventures, collaborations, and crowdsourcing.
• Potential reasons for new product failure include poor market research, lack of differentiation, ineffective design, pricing and cost issues, inadequate marketing, and changing consumer preferences.
• Steps in the process of new product development include idea generation, screening, concept development and testing, marketing strategy development, business analysis, product development, test marketing, and commercialization.
• Sources of new product ideas include internal sources, customers and market research, competitors and industry trends, suppliers and distributors, and trade shows and conferences.