12 Questions
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
What is the purpose of conducting a test launch of a new product?
To see how well it sells and identify necessary changes before full launch
What is the significance of brand loyalty for a company?
It helps differentiate the company's product from competitors
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
Which department benefits from the use of computer simulations to create 3D prototypes?
Operations department
What role does packaging play in helping consumers recognize a product?
It provides information about the product and displays the brand name and logo
What is a key characteristic of a successful product according to the text?
Satisfying existing needs and wants of customers
What is one of the types of products mentioned in the text?
Business goods
What is a crucial factor in New Product Development as per the text?
Examining forecast sales and market share
What does the text suggest about distinguishing a product from its competitors?
Standing out and being distinctive
Which department's information is utilized in generating new product concepts?
Research and Development department
What should be consistent with a product's brand image as per the text?
Performance, reliability, quality
Explore the concept of a product and its characteristics, types, and success factors. Learn how successful products satisfy customer needs, stimulate new wants, and maintain consistency with brand image.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
