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Product Planning Basics

Authored by NOORITA MOHAMMAD

Business

3rd Grade

Product Planning Basics
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8 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of market research in product planning?

Market research is primarily focused on product design aesthetics

Market research is unnecessary as long as the product is innovative

The purpose of market research in product planning is to gather insights on consumer needs, preferences, behaviors, market trends, competition, and potential demand to inform decision-making.

Market research is only useful for advertising purposes

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Explain the concept of product development.

Product development is focused solely on reducing costs.

Product development involves only improving existing products.

Product development is the process of creating new or improved products to meet customer needs and market demands.

Product development is the process of creating new software programs.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why is having a marketing strategy important for a product?

Having a marketing strategy is important for a product because it helps in identifying target customers, setting clear objectives, allocating resources effectively, differentiating the product from competitors, and ultimately increasing sales and profitability.

A product can sell itself without the need for a marketing strategy

Marketing strategies are only necessary for large companies, not small businesses

Having a marketing strategy is not important for a product as it can succeed without one

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How can market research help in identifying customer needs?

Market research helps in identifying customer needs by guessing what customers want

Market research helps in identifying customer needs by conducting surveys with employees

Market research helps in identifying customer needs by ignoring customer feedback

Market research helps in identifying customer needs by analyzing customer preferences, behaviors, and pain points to tailor products or services accordingly.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are some key steps involved in product development?

Planning, Execution, Distribution, Promotion

Ideation, Market Research, Design, Prototyping, Testing, Production, Launch

Sketching, Surveying, Building, Deployment

Brainstorming, Analysis, Manufacturing, Release

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How can market research help in understanding competitors?

By ignoring competitors' actions

By assuming competitors' strengths and weaknesses

By analyzing competitors' products, pricing strategies, target audience, marketing tactics, strengths, weaknesses, and market positioning.

By copying competitors' strategies without analysis

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What role does innovation play in product planning?

Innovation only leads to increased costs in product planning

Innovation has no impact on product planning

Innovation is solely focused on copying existing products in product planning

Innovation drives the creation of new and improved products, meets customer needs, differentiates from competitors, and adapts to market trends.

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