PRODUCT STRATEGY

Give steps of product development process

What is consumer product?

• Consumer products are designed for personal use or consumption by individual customers. They are typically marketed and sold directly to end consumers

• industrial products are support goods intended for use by a business, like a retailer or service company, rather than goods for personal human needs

• Products requires building and maintaining strong business-to-businesss

  relationships.

• Industrial products encompass a wide range as well

Definition of product strategy is a structured plan and approach that guides a company’a product development and marketing efforts to achieve specific business objectives.

• TRUE

• FALSE

This is types of consumer good, except

• convenience good

• shopping good

• speciality goods

• machinery

What is the term for this sentence: Validating the product in the eyes of the customer and markets

• Ideation

• Prototyping

• Testing

• Commercialization

Example of specialty product is

• snack

• toiletries

• luxury watches

• tooth brush

To stay competitive, companies keep making new things because technology and customer expectations change. They spend more money on research to create these new products.

In changes in quality standard, if customers expect better or cheaper products, companies can respond by either adding fancier, more expensive items. Which technique is this?

• Trading up

• Trading down

Basic Shariah Guidlines

• Social Responsibility and Ethics

• Fairness and Transparency

• Financing Free of Interest (Riba)

• Refraining from Illegal Activities (Haram)

What is Shariah Guidelines

• Services are specially mentioned here because it is generally thought that marketing is related to product alone.

• The product and services are permissible which is halal so forbidden action or ingredients are prohibited following to Quran and Sunnah

• structured plan and approach that guides a company's product development and marketing efforts to achieve specific business objectives.

• Shopping products require more consideration and comparison by consumers.