Why is market research important for new products?

Product Planning Basics

Quiz
•
Business
•
3rd Grade
•
Hard
NOORITA MOHAMMAD
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Market research is not important for new products
Customer needs and preferences are irrelevant for new products
Competition and market trends have no impact on new products
Market research helps in understanding customer needs, preferences, competition, and market trends.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How can identifying customer needs and wants help in product planning?
By ignoring customer feedback and focusing solely on internal ideas
By assuming all customers have the same needs and wants
By randomly selecting features without considering customer input
By providing insights into customer preferences, allowing businesses to tailor products to meet customer expectations.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the significance of competitor analysis in product planning?
Competitor analysis helps in predicting future market demand.
Competitor analysis is irrelevant in product planning.
Competitor analysis helps in identifying market trends, understanding competitor strengths and weaknesses, and differentiating the product to gain a competitive advantage.
Competitor analysis only focuses on internal factors.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is it essential to set product goals and objectives?
Product goals hinder creativity
Setting goals is a waste of time
Objectives are only necessary for large companies
It is essential to set product goals and objectives to provide direction, focus efforts, measure progress, and align team members towards a common purpose.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a product roadmap and why is it important?
A product roadmap is a physical map of the company's office layout, important for employees to navigate the building efficiently.
A product roadmap is a type of vehicle used for transporting goods, important for logistics.
A product roadmap is important because it provides a clear path for product development, helps in making informed decisions, and ensures that everyone is working towards the same objectives.
A product roadmap is a recipe for a popular dish, important for culinary enthusiasts.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of testing and refining product ideas?
Product ideas should be implemented without any feedback
The purpose of testing and refining product ideas is to ensure the final product meets customer needs, identify potential issues early on, reduce development costs, and increase the chances of success in the market.
Testing and refining product ideas is unnecessary
Refining product ideas increases development costs
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How can market research help in creating a successful product?
By ignoring customer feedback and preferences
By solely focusing on competitors' products
By randomly selecting features without research
By understanding customer needs, preferences, and pain points, market research guides product development to create a solution that resonates with the target market.
Create a free account and access millions of resources
Similar Resources on Wayground
15 questions
PRODUCT DEVELOPMENT PROCESS

Quiz
•
1st - 3rd Grade
13 questions
Y9 fun quiz #2

Quiz
•
3rd - 4th Grade
10 questions
Product Planning Essentials

Quiz
•
3rd Grade
13 questions
Strategic Marketing STP Process

Quiz
•
3rd Grade
10 questions
Entrepreneurship and Economic Growth

Quiz
•
1st - 3rd Grade
10 questions
Products and Services

Quiz
•
3rd Grade
10 questions
internal vs external factor

Quiz
•
1st - 5th Grade
15 questions
MM lecture quiz 4-6

Quiz
•
1st - 5th Grade
Popular Resources on Wayground
25 questions
Equations of Circles

Quiz
•
10th - 11th Grade
30 questions
Week 5 Memory Builder 1 (Multiplication and Division Facts)

Quiz
•
9th Grade
33 questions
Unit 3 Summative - Summer School: Immune System

Quiz
•
10th Grade
10 questions
Writing and Identifying Ratios Practice

Quiz
•
5th - 6th Grade
36 questions
Prime and Composite Numbers

Quiz
•
5th Grade
14 questions
Exterior and Interior angles of Polygons

Quiz
•
8th Grade
37 questions
Camp Re-cap Week 1 (no regression)

Quiz
•
9th - 12th Grade
46 questions
Biology Semester 1 Review

Quiz
•
10th Grade