Podcast
Questions and Answers
What are the three levels of product?
What are the three levels of product?
What is stretching in product line expansion?
What is stretching in product line expansion?
What are the dimensions of product quality?
What are the dimensions of product quality?
What are the potential reasons for new product failure?
What are the potential reasons for new product failure?
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What are the four types of products based on the process through which consumers acquire them?
What are the four types of products based on the process through which consumers acquire them?
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What are the steps in the process of new product development?
What are the steps in the process of new product development?
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What are the characteristics of a good brand name?
What are the characteristics of a good brand name?
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Study Notes
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.
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Description
Do you know what goes into developing a successful product? Test your knowledge with this quiz on product types, quality, line, mix, and development. Learn about the different types of products, dimensions of quality, and the importance of a strong product line and mix. Discover ways to obtain new product ideas and the steps involved in the process of new product development. Find out what makes a good brand name and potential reasons for new product failure. Take this quiz to see if you have what it takes to
