Product Management Overview
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Questions and Answers

What is a product according to the text?

A good, a service, or an idea received in an exchange.

Which of the following are examples of consumer products?

  • Vinegar, Clocks, Tires
  • Office Buildings, Production Lines, Component Parts
  • Installations, Accessory Equipment, Raw Materials
  • Breads, Newspaper, Soft Drinks (correct)

    • Define Convenience goods.

    Relatively inexpensive, frequently purchased items for which buyers exert only minimal purchasing effort.

    Specialty goods are of interest to a wide range of the population.

    <p>False</p> Signup and view all the answers

    _______ is the benefit of a product that makes it valuable.

    <p>Core product</p> Signup and view all the answers

    What are the three general objectives that can be pursued during the maturity stage of a product?

    <p>Generate cash flow, maintain share of market, increase share of customer.</p> Signup and view all the answers

    What are the major adopter categories that describe the length of time required for a consumer to adopt a new product?

    <p>Laggards</p> Signup and view all the answers

    Match each stage in the product adoption process with its description:

    <p>Product Awareness = Consumer becomes aware of the product Product Interest = Consumer seeks information and is receptive to learning Product Evaluation = Consumer considers benefits and decides whether to try Product Trial = Consumer examines, tests, or tries the product Product Adoption = Consumer purchases the product and commits to regular use</p> Signup and view all the answers

    What is the major reason why new products may fail?

    <p>Failure to offer a unique benefit or underestimating the competition.</p> Signup and view all the answers

    What is Product Line Extension?

    <p>Expanding an established product brand name with new range of items in the product category</p> Signup and view all the answers

    What is an example of Product Line Extension given in the text?

    <p>Coca Cola</p> Signup and view all the answers

    Product modification is a product strategy mainly used in new markets.

    <p>False</p> Signup and view all the answers

    Quality modification refers to changing a product's ___________.

    <p>durability</p> Signup and view all the answers

    Match the breakthrough innovations with their corresponding names:

    <p>Personal computer = MS-DOS Microwave oven = Magnetic resonance imaging Photocopier = Gene-splicing technique Pocket calculator = Touch-tone telephone Fax machine = Camcorder Home VCR = Computer disk drive Bar coding = Fiber-optic system Integrated circuit = Disposable diaper</p> Signup and view all the answers

    During which stage of the product development process is idea screening conducted?

    <p>Stage 2: Idea Screening</p> Signup and view all the answers

    What is the purpose of concept testing in the product development process?

    <p>To determine customers’ initial reactions to a product idea before investing considerable resources in research and development.</p> Signup and view all the answers

    Test marketing and initial product testing are the same.

    <p>False</p> Signup and view all the answers

    What is the purpose of contingency plans in the context of project management?

    <p>Contingency plans outline what actions will be taken if difficulties occur during a project.</p> Signup and view all the answers

    What triggers the contingency plan according to the provided content?

    <p>Trigger points</p> Signup and view all the answers

    Concept testing is done to identify market problems before a product launch.

    <p>False</p> Signup and view all the answers

    Product quality for consumers means the product must be reliable, durable, and easy to maintain, while for business markets, it includes technical suitability, ease of repair, and good company __________.

    <p>reputation</p> Signup and view all the answers

    Match the following types of product innovation with their descriptions:

    <p>Demand-Pull Innovation = Occurs when a product design can directly take advantage of a market opportunity Invention-Push Innovation = Driven by advancements in technology or intelligence through research or creative design</p> Signup and view all the answers

    Which factor is important in product design as it relates to pricing?

    <p>Customer Requirements</p> Signup and view all the answers

    Product deletion is a complex process involving communication with customers and proper production planning.

    <p>True</p> Signup and view all the answers

    What are the three standard types of product positioning strategies?

    <p>Comparative, Differentiation, Segmentation</p> Signup and view all the answers

    Perceptual maps are based on the ______ of the buyer.

    <p>perception</p> Signup and view all the answers

    Match the following stages of product deletion with their descriptions:

    <p>Identification of products to be deleted = Stage 1 Analysis of products to be deleted = Stage 2 The decision to remove the product = Stage 3 Implementation of the deletion process = Stage 4</p> Signup and view all the answers

    List the tangible and intangible attributes of a pair of Nike athletic shoes. Compare its benefits with those of an intangible product, such as hairstyling in a salon.

    <p>Tangible attributes of Nike shoes include materials used, design, and size; intangible attributes include brand reputation and comfort. Benefits of Nike shoes may include performance enhancement and style, while the benefits of hairstyling in a salon may include confidence boost and improved appearance.</p> Signup and view all the answers

    Is a personal computer sold at a retail store a consumer product or a business product? Defend your answer.

    <p>A personal computer sold at a retail store is typically considered a consumer product. It is designed and marketed for personal use by individuals, not for business purposes.</p> Signup and view all the answers

    How do convenience products and shopping products differ? What are the distinguishing characteristics of each type of product?

    <p>Convenience products are items consumers purchase frequently with minimal effort, while shopping products require comparison shopping and more consideration. Convenience products are usually inexpensive and widely available, while shopping products are more expensive and purchased less frequently with more deliberation.</p> Signup and view all the answers

    In the category of business products, how do component parts differ from process materials?

    <p>Component parts are items used in the production of other products, while process materials are used in manufacturing but do not become part of the final product. Component parts contribute to the functionality of a final product, whereas process materials are consumed during the production process.</p> Signup and view all the answers

    How does an organization’s product mix relate to its development of a product line? When should an enterprise add depth to its product lines rather than width to its product mix?

    <p>An organization's product mix represents the total group of products it offers, while a product line is a subset of related products within that mix. Adding depth to a product line involves introducing variations within the same product category to cater to different market segments. Width in the product mix refers to the number of different product lines offered, while depth focuses on variety within each line. A company should add depth to its product lines when there is potential to capture more market share within existing segments by offering diverse options.</p> Signup and view all the answers

    Choose a familiar clothing store. Describe its product mix, including its depth and width. Evaluate the mix and make suggestions to the owner.

    <p>Answer will vary based on personal experience and choice of clothing store.</p> Signup and view all the answers

    A product has been referred to as a ‘psychological bundle of satisfaction.’ Is this a good definition of a product? Why or why not?

    <p>The definition of a product as a ‘psychological bundle of satisfaction’ is subjective. While products do aim to satisfy needs and desires, they also serve functional purposes. It may be a good way to capture the emotional aspect of products, but falls short in fully defining the variety of products available.</p> Signup and view all the answers

    Describe why some products fail and some succeed.

    <p>Product failure can be due to lack of market demand, poor marketing strategies, or insufficient differentiation from competitors. Successful products often meet consumer needs effectively, have strong marketing campaigns, and offer unique value propositions.</p> Signup and view all the answers

    Describe the four stages of the product life cycle.

    <p>The four stages of the product life cycle are: 1. Introduction - when a product is first launched, sales are low, and profits are negative. 2. Growth - sales rise rapidly, profits peak, and then start to decline. 3. Maturity - peak market penetration, intense competition, and buyers' knowledge is high. 4. Decline - sales and profits decrease as newer products enter the market.</p> Signup and view all the answers

    What components make up 70% of the class standing?

    <p>Portfolio/e-Portfolio</p> Signup and view all the answers

    What percentage do Midterm/Final Examinations make up of the final grade?

    <p>30%</p> Signup and view all the answers

    What is one of the main risks associated with a weak product in a company's product mix?

    <p>Debilitation of the company's image and dissatisfaction of its shareholders</p> Signup and view all the answers

    Who are some of the key teams involved in the product development process within a business?

    <p>Development, Design, Marketing, Sales, Finance, Testing</p> Signup and view all the answers

    What are some skills and competencies that are important for a product manager role? (Select all that apply)

    <p>Creativity</p> Signup and view all the answers

    Product managers are solely responsible for the success or failure of a company's products.

    <p>False</p> Signup and view all the answers

    What is the primary function of a product manager in the development process? Product managers act as the ______ directors of the development process.

    <p>strategic</p> Signup and view all the answers

    Study Notes

    Product Line and Product Mix

    A product line is a group of products that share common characteristics and are directed at the same market. The product mix, also known as the product portfolio, is the combination of products offered by a company. The product line is a key concept in marketing, as it helps companies to differentiate themselves from competitors and to target specific customer groups.

    There are different ways to measure the product mix. The product width measures the number of product lines a company offers, while the product depth measures the average number of different products offered in each product line.

    To create an effective product line, companies must consider the following factors: the needs and preferences of the target market, the competitive environment, and the company's resources and capabilities.

    A product item is a specific version of a product that can be designated as a distinct offering among an organization's products. A product item is a critical component of a product line, as it provides a specific set of features and benefits to customers.

    Product Differentiation

    Product differentiation is the process of making a product stand out from its competitors by offering unique features, benefits, and advantages. There are several ways to differentiate a product, including:

    • Superior quality
    • Style differences
    • Service differences

    Product differentiation is important because it helps companies to stand out in a crowded market and to attract a loyal customer base. It also helps companies to increase their prices and to gain a competitive advantage.

    Business Services

    Business services are intangible products that many organizations use in their operations. Examples of business services include:

    • Financial services
    • Legal services
    • Market research
    • Information technology
    • Janitorial services

    Business services are an important part of many companies' operations, as they help to streamline processes and to improve efficiency.

    Product Life Cycle

    The product life cycle (PLC) refers to the different stages a product goes through from introduction to withdrawal. The PLC is a critical concept in marketing, as it helps companies to make informed decisions about their products and to plan for the future.

    The PLC is typically divided into four stages:

    1. Introduction: In this stage, the product is first introduced to the market, and the company begins to build awareness and generate interest.
    2. Growth: In this stage, the product gains popularity and sales begin to rise.
    3. Maturity: In this stage, the product reaches the peak of its popularity and sales remain steady.
    4. Decline: In this stage, sales decline and the product is typically withdrawn from the market.

    Product Adoption Process

    The product adoption process is the process by which customers adopt a new product or service. The process typically involves the following stages:

    1. Awareness: The customer becomes aware of the product or service.
    2. Interest: The customer becomes interested in the product or service.
    3. Evaluation: The customer evaluates the product or service.
    4. Trial: The customer tries the product or service.
    5. Adoption: The customer adopts the product or service and begins to use it.

    Understanding the product adoption process is important, as it helps companies to plan their marketing and sales strategies more effectively.

    Overview of Product Management

    The Product Development & Management Association (PDMA) is a global community of over 3,500 professional members who power innovative companies worldwide. The PDMA is an independent, not-for-profit, third-party certification body that provides the latest tools and technology, and its skills are highly valued and sought by businesses and universities.

    The PDMA offers a range of resources and tools to help companies to develop and manage their products more effectively.

    Course Outcomes

    The Instructional Material is divided into four topics:

    1. Product Concept
    2. Product Decision
    3. Developing Products
    4. Managing Products

    Each topic includes a detailed Learning Objectives section that outlines what students can expect The process of product adoption typically begins with awareness, as the potential customer becomes aware of the product or service through various marketing and advertising channels.

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    Description

    This quiz covers the basics of product management, including new product development and its importance in academics and practice. It is based on college-level instruction.

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