Demand Analysis - Product Assessment
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Questions and Answers

What forms the core of the organization’s brand and value proposition?

  • Products and services (correct)
  • Market strategy
  • Logistics plan
  • Distribution plan

    • What is the mix of product classifications, families, products, and services that the organization offers?

  • Logistics plan
  • Product portfolio (correct)
  • Brand management
  • Market strategy

    • What are the broadest categories of product classifications?

  • Generic products, branded products, and unbranded products
  • Durable goods, non-durable goods, and services (correct)
  • Consumer goods, industrial goods, and specialty products
  • Convenience products, shopping products, and specialty products

    • Which type of goods have physical substance?

    <p>Durable goods</p> Signup and view all the answers

    What are services in terms of product classifications?

    <p>Intangible and non-inventoriable</p> Signup and view all the answers

    What does exhibit 1-13 illustrate?

    <p>Product and brand management verification steps</p> Signup and view all the answers

    What should be validated against the logistics plan to ensure customer service goals can be met?

    <p>The plan's aspects</p> Signup and view all the answers

    What is excluded from the classification of services?

    <p>Any products associated with the service.</p> Signup and view all the answers

    Where should a review of product classifications start?

    <p>With the big picture</p> Signup and view all the answers

    What helps ensure that the product portfolio is aligned with the market and marketing strategy?

    <p>Verification steps in product and brand management</p> Signup and view all the answers

    What is the impact of saturation on services?

    <p>They become order qualifiers rather than order winners, impacting demand unless new services are developed</p> Signup and view all the answers

    What is the focus of brand strategy for mature products?

    <p>Competitive price and dependability to minimize customer defections</p> Signup and view all the answers

    What is the main task in the process if services are the main offering?

    <p>A services review to determine whether customer perceptions have been changing relative to the service</p> Signup and view all the answers

    What is required for successful new product introduction (NPI)?

    <p>Market analysis, research and development, marketing, and product phase-in/phase-out plans</p> Signup and view all the answers

    What should be reviewed to determine whether customer perceptions have been changing relative to the service?

    <p>Warranties, technical support, repairs, trade-in allowances, user training, transportation, or bulk-purchase discounts</p> Signup and view all the answers

    What does estimating demand in the introduction or growth phases require?

    <p>Reliance on qualitative forecasting methods and determining a level of demand that fits within the organization’s risk tolerance levels</p> Signup and view all the answers

    What is the impact of better information on long-term demand on marketing campaigns?

    <p>It can impact the financial returns expected from marketing campaigns and therefore affect the decision of whether or how to generate marketing.</p> Signup and view all the answers

    What do upgraded products allow for when estimating demand?

    <p>Base forecasts on the prior model’s sales which are somewhat more reliable.</p> Signup and view all the answers

    What is required for successful new product introduction (NPI)?

    <p>Market analysis, research and development, marketing, and product phase-in/phase-out plans.</p> Signup and view all the answers

    What is required during growth phase as part of brand strategy?

    <p>Competitive attributes are availability and quality so that customers are able to acquire the good or purchase it again and provide testimonials.</p> Signup and view all the answers

    What is the primary difference between durable and non-durable goods?

    <p>Durable goods have an extended lifespan, while non-durable goods deteriorate quickly</p> Signup and view all the answers

    What is the purpose of product portfolio review?

    <p>Assess diversification and factors such as product form, durability, and costs</p> Signup and view all the answers

    What does product portfolio complexity management involve?

    <p>Reviewing the number of stock keeping units (SKUs) and their impact on manufacturing and supply chain costs</p> Signup and view all the answers

    Why is it important to review the product life cycle stages?

    <p>To determine if a product has shifted to a new life cycle stage</p> Signup and view all the answers

    What can changes in sales volume trends indicate?

    <p>That a product is entering a new life cycle stage</p> Signup and view all the answers

    What is essential in differentiating customer wants from needs in portfolio management?

    <p>Evaluating manufacturing methods</p> Signup and view all the answers

    Why is balancing marketing demands against operations and supply chain management crucial?

    <p>In managing portfolio complexity</p> Signup and view all the answers

    What is important in developing holistic metrics for portfolio management?

    <p>Highlighting total cost of ownership and profit over revenue only or cost only</p> Signup and view all the answers

    What can too few SKUs lead to?

    <p>Stifling revenue and profit</p> Signup and view all the answers

    What impact can too many SKUs have?

    <p>Lead to marketing confusion and increased costs</p> Signup and view all the answers

    Study Notes

    Product Classification and Portfolio Management

    • Durable goods have an extended lifespan, while non-durable goods deteriorate quickly
    • Physical goods are classified as industrial or consumer, each with subcategories and strategic priorities
    • Product portfolio review assesses diversification and factors such as product form, durability, and costs
    • It also evaluates the organization’s product family hierarchy and complexity
    • Product portfolio complexity management involves reviewing the number of stock keeping units (SKUs) and their impact on manufacturing and supply chain costs
    • Too few SKUs can stifle revenue and profit, while too many can lead to marketing confusion and increased costs
    • A product life cycle review is crucial to determine if a product has shifted to a new life cycle stage
    • Product life cycle stages include introduction, growth, maturity, and decline, each with varying market share and market growth
    • Changes in sales volume trends can indicate that a product is entering a new life cycle stage
    • Differentiating customer wants from needs and evaluating manufacturing methods are essential in portfolio management
    • Balancing marketing demands against operations and supply chain management is crucial in managing portfolio complexity
    • Developing holistic metrics that highlight total cost of ownership and profit over revenue only or cost only is important in portfolio management

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    Description

    This quiz focuses on the early review of the product portfolio in demand management to assess the suitability of products and services for the market. It also examines how the product portfolio contributes to the organization's brand and value proposition.

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