QUIZ#1 PRODUCT MANAGEMENT

Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.

• Product

• Service

• Tangible

• Intangible

It helps out individuals, groups, and organization become well-rounded in all aspects of life, work, career, business, and the like.

• Data

• Information

• Concept

• Idea

It exists out of real needs, and there may be no substitute products available.

• Replacement Products

• Imitative Products

• Innovative Products

• Innovation Products

These products may be new to an imitating company but not from other companies. Imitating products are absolutely a legal act that’s why we are seeing products similar with others in physical features but then not with conceptual features.

• Innovative Products

• Replacement Products

• Imitation Products

• Imitative Products

The creation of products with new or different characteristics that offer new or additional benefits to the customer.

• Product Development

• Product Planning

• Business Plan

• Marketing Plan

This step measures the generated idea, chooses the best ideas, and eliminates unsound concepts.

• Idea Generation

• Idea Screening

• Concept Development Testing

• Business Analysis

A stage when the product is launched in the market.

• Decline

• Maturity

• Introduction Stage

• Growth

It emphasizes that the new product is of better quality and has more reasonable price than products of competitors.

• Product Benefits

• Product Features

• All of the selection

• Product Advantages  

It is a group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges.

• Product Line

• Product Mix

• Product Category

• Product Form

10. A group of activities in product planning which involve designing and producing container or wrapper for a product.

• Branding

• Packaging       

• Labeling

• Positioning