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Understanding Product Types and Success Factors

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Understanding Product Types and Success Factors

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Questions and Answers

Why is developing a prototype important before launching a new product?

To see how the product can be manufactured and identify and fix any arising problems (correct)

To increase brand loyalty among customers

To help in brand image development

To skip the market test phase

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

To establish high brand image

To make the product expensive

To protect the product

To see how well it sells and identify necessary changes before full launch (correct)

What is the significance of brand loyalty for a company?

It makes market research less expensive

It keeps the product fresh

It provides information about the product

It helps differentiate the company's product from competitors (correct)

How does a high brand image enable a company to charge higher prices for its products?

Customers are willing to pay more for a reputable brand Signup and view all the answers

Which department benefits from the use of computer simulations to create 3D prototypes?

Operations department Signup and view all the answers

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

It provides information about the product and displays the brand name and logo Signup and view all the answers

What is a key characteristic of a successful product according to the text?

Satisfying existing needs and wants of customers Signup and view all the answers

What is one of the types of products mentioned in the text?

Business goods Signup and view all the answers

What is a crucial factor in New Product Development as per the text?

Examining forecast sales and market share Signup and view all the answers

What does the text suggest about distinguishing a product from its competitors?

Standing out and being distinctive Signup and view all the answers

Which department's information is utilized in generating new product concepts?

Research and Development department Signup and view all the answers

What should be consistent with a product's brand image as per the text?

Performance, reliability, quality Signup and view all the answers