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Questions and Answers

According to Philip Kotler, how does he define a product?

  • A set of tangible and intangible attributes capable of being exchanged for a value
  • Something a firm markets that will satisfy a personal want or fill a business or commercial need
  • Anything that can be offered to a market for attention, acquisition, use or consumption (correct)
  • A bundle of utilities consisting of various features and accompanying services

    • How does Alderson describe a product?

  • Anything that can be offered to a market for attention, acquisition, use or consumption
  • A set of tangible and intangible attributes capable of being exchanged for a value
  • A bundle of utilities consisting of various features and accompanying services (correct)
  • Something a firm markets that will satisfy a personal want or fill a business or commercial need

    • How does Schwartz define a product?

  • Anything that can be offered to a market for attention, acquisition, use or consumption
  • A set of tangible and intangible attributes capable of being exchanged for a value
  • Something a firm markets that will satisfy a personal want or fill a business or commercial need (correct)
  • A bundle of utilities consisting of various features and accompanying services

    • What are the different types of products mentioned in the text?

    <p>Physical goods, services, experiences, events, person, place, properties, organization, information, and ideas</p> Signup and view all the answers

    What is the broad definition of a product according to the text?

    <p>Anything that can be offered to a market for attention, acquisition, use or consumption</p> Signup and view all the answers

    What is the purpose of idea screening in new product development?

    <p>To evaluate product ideas critically and eliminate poor ideas</p> Signup and view all the answers

    What happens during concept development and testing in new product development?

    <p>The product idea is converted into a consumer item and presented to the target audience for their reactions</p> Signup and view all the answers

    What is the source of ideas for new product development mentioned in the text?

    <p>Market and consumer trends</p> Signup and view all the answers

    When does the company move to the next stage in new product development, according to the text?

    <p>If the reaction from the target consumers is positive after concept testing</p> Signup and view all the answers

    What is the focus of market strategy development in new product development?

    <p>Developing a strategy for introducing the new product to the market</p> Signup and view all the answers

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