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Product Types and Characteristics

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Questions and Answers

What are the types of products mentioned in the text?

Consumer goods, consumer services, producer goods, producer services (correct)

Digital products, physical products, hybrid products, virtual products

Primary goods, secondary goods, tertiary goods, quaternary goods

Electronics, clothing, furniture, food

What is a key factor that contributes to a successful product?

Being indistinguishable from competitors

Not satisfying any customer needs or wants

Being too expensive to produce

Consistency in design with the product's brand image (correct)

What is the first step in the New Product Development process mentioned in the text?

Abandoning ideas that may not sell well

Selecting the best ideas for further research

Generating ideas through brainstorming (correct)

Deciding if the product will be a success

What source does the text mention for generating new product concepts?

Competitors' products Signup and view all the answers

What does the text mention as a reason to abandon product ideas during New Product Development?

High production cost Signup and view all the answers

Which factor is NOT mentioned as contributing to a successful product in the text?

$100 tip for excellent questions Signup and view all the answers

What is the purpose of developing a prototype for a new product?

To identify changes needed to increase sales Signup and view all the answers

Why is brand image important for a company?

To differentiate the product from competitors' products Signup and view all the answers

What is the advantage of having an established high brand image for a product?

To charge higher prices for the product Signup and view all the answers

What role does packaging play in helping consumers recognize a product?

To provide information about the product Signup and view all the answers

What is the purpose of conducting a test launch for a new product?

To identify changes needed before full production Signup and view all the answers

How does a unique selling point (USP) help in marketing a new product?

By charging higher prices and aiding in advertising Signup and view all the answers