PRODUCT-MANAGEMENT-MIDTERM-EXAM-REVIEWER-2024.docx

**PRODUCT MANAGEMENT REVIEWER FOR MIDTERM EXAM** **Define the following key terminology in Product Management (Chapter 1 -8 Coverage)** 1. **Product** 2. **Information** 3. **Innovative Products** 4. **Replacement Products** 5. **Imitative Product** 6. **Product Development** 7. **Ide...

**PRODUCT MANAGEMENT REVIEWER FOR MIDTERM EXAM** **Define the following key terminology in Product Management (Chapter 1 -8 Coverage)** 1. **Product** 2. **Information** 3. **Innovative Products** 4. **Replacement Products** 5. **Imitative Product** 6. **Product Development** 7. **Idea Generation** 8. **Idea Screening** 9. **Introduction Stage** 10. **Growth Stage** 11. **Maturity Stage** 12. **Decline Stage** 13. **Product Line** 14. **Brand** 15. **Brand Name** 16. **Brand Mark** 17. **National Brands** 18. **Private Brands** 19. **Generic Brands** 20. **Packaging** 21. **Labels** 22. **Product Positioning** 23. **Product Advantages** 24. **Product Policy** 25. **Service Policy** 26. **Trade Name** 27. **Trade Mark** 28. **Warranty** 29. **Guarantee** 30. **Patent** 31. **Copyright** 32. **Invention** 33. **Industrial Design** 34. **Republic Act No. 8293** 35. **Intellectual Property Code** **ENUMERATION REVIEW** 1. **Types of Products** a. Physical Objects b. Persons c. Services d. Places e. Idea f. Organization g. Activities h. Information **1. Categories of New Products** 1\. Innovative Products, 2\. Replacement Products, 3\. Imitative Products **2. Stages in the Product Life Cycle** Introduction stage, Growth stage, Maturity stage, Decline or possible abandonment stage. **3. The reason for failure of product life cycle** 1\. Inadequate market analysis 2\. Product deficiencies 3\. Lack of effective market effort 4\. Higher cost than anticipated 5\. competitive strength and reaction 6\. poor timing of introduction 7\. technical or production problem 4\. Major Product Line Strategies 1\. Expansion of Product Mix 2\. Contraction of Product Mix 3\. Alteration of Existing Product 4\. Positioning of the Product 5\. Trading UP and Trading Down 6\. Product Differentiation and Market Segmentation 5\. Importance of Branding for sellers. 1\. Branding simplifies sales promotion 2\. Branding encourages repeat sales 3\. Branding provides protection against substitution 4\. Branding minimize comparison 5\. Branding aids in segmentation 6\. Branding facilitates the introduction of new items 7\. Branding afford a greater price stability 6\. Two ways to obtain products a\. Acquisition b\. Thorough New Product Development 7\. Types of Product Teams a\. Vertical Product Team b\. Triangular Product Team c\. Horizontal Product Team 8\. Stages of Adoptation Process a\. Awareness b\. Interest c\. Evaluation d\. Trial e\. Adoption 9\. Positioning errors for products a\. under positioning b\. over positioning c\. confused positioning 10\. Patent Categories a\. Invention b\. Industrial Design c\. Utility Model **11.** **Ten Guidelines for Building Strong Brands** a\. Brand Identity b\. Value Proposition c\. Brand Position d\. Execution e\. Consistency over Time f\. Brand System g\. Brand Leverage h\. Tracking i\. Brand Responsibility j\. Invest