Podcast
Questions and Answers
Match the following definitions with the correct term:
Match the following definitions with the correct term:
Inventions that create a whole new market = New-to-the-world products Products that take a firm into a category new to it = New-to-the-firm products or new product lines Products that are retargeted for a new use or application = Repositioning New products that simply replace existing products at a lower cost = Lower-priced products
Match the following terms with their descriptions:
Match the following terms with their descriptions:
Degree of difficulty associated with full understanding of the application of an innovation = Complexity Measures the extent to which it is possible to try an innovation before final adaptation/rejection decision = Divisibility Reflects the degree of difficulty associated with communicating benefits of an innovation to prospective users = Communicability Product made better than its current version = Improvement and revisions to existing
Match the following product types with their descriptions:
Match the following product types with their descriptions:
Flanker brands or line extensions to flesh out the product line as offered to the firm’s current market = Addition to existing product lines New products introduced at a lower cost providing similar performance to existing products = Lower-priced products Products that are retargeted for a new use or application = Repositioning Products that create a whole new market = New-to-the-world products
Match the following factors influencing communicability with their descriptions:
Match the following factors influencing communicability with their descriptions:
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Match the following product types with their explanations:
Match the following product types with their explanations:
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Study Notes
Customer Retention and Service Quality
- High customer retention is a strong indicator of a firm's service quality and value delivery.
- Service companies aim to maintain elevated standards of service quality.
- Effective service recovery strategies can transform dissatisfied customers into loyal ones, potentially increasing their purchasing behavior.
Managing Service Productivity
- Improving employee performance through better training or hiring skilled workers is essential for productivity.
- Increasing service quantity may require sacrificing some quality.
- "Industrializing the service" involves introducing new equipment and standardizing processes to enhance efficiency.
- Excessive focus on productivity can negatively impact quality, innovation, and responsiveness to customer needs.
Product Management Foundations
- Product management is crucial for innovation and business growth, focusing on planning, developing, launching, and managing products or services.
- It encompasses the entire product lifecycle from ideation to market launch.
- The goal is to deliver value while ensuring measurable business benefits, such as revenue and profit margins.
Product Management Tasks
- Identifying unresolved market problems is the first task in product management.
Product Management Lifecycle
Innovation
- The innovation stage centers on creating and prioritizing ideas based on development costs and customer/business value.
- Addresses customer needs through discovery activities and initial customer propositions.
Analysis
- The analysis phase focuses on understanding market opportunities, costs, and risks.
- Key analysis activities include segmentation for targeted market identification, proposition development, competitive positioning, and business case writing.
Strategic Product Activities
- Development of product and portfolio strategies, including roadmaps and stakeholder management.
- Creation of a compelling product vision and external presentation to audiences.
Product Manager's Role
- Oversight of all aspects of products or service lines, ensuring superior customer satisfaction.
- Focused on delivering long-term company value and achieving business goals profitably.
- Represents the voice of the customer, ensuring technology knowledge to address customer problems effectively.
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Description
Test your knowledge on strategic product activities analysis, including segmentation, propositions, and positioning. Explore concepts like identifying market segments, creating product ideas, and determining messaging strategies for different target segments.
