Module 2: Environment and Market

What are the questions you should ask yourself in Product Development? Select 3 correct answers.

• For whom are the product/services aimed at?

• Will I get a big profit after establishing?

• What benefit will the customers expect from product/service?

• How will the product/service differ from the existing brand? From its competitor?

What are the important things that everyone cannot live without? Select 3 correct answers.

• Luxurious homes and gadgets

• Education

• Shelter, Sanitation and Health

• Basic commodities for consumption

• Jewelries and perfume

What is the flow chart all about?

• Stages of Product Development

• Stages of Concept Development

• Stages of Target Development

• Stages of Analytic Development

What should be inside the 2nd square?

• Select a Product Concept

• Establish Target Specification

• Make a Vicinity Map

• Know the Products Market Value

What should be inside the 4th square?

• Select a Product Concept

• Establish Target Specification

• Make a Vicinity Map

• Know the Products Market Value

This means introduction of something new in your product or service.

• Discover customer’s genuine reasons for buying the product.

• Innovation

• Finding Value

• Unique Selling Proposition

It requires careful analysis of other businesses' ads and marketing messages.

• Discover customer’s genuine reasons for buying the product.

• Innovation

• Finding Value

• Unique Selling Proposition