Market needs are classified as (a)   . All these have a tangible value and can be commercially produced and marketed profitably.

Goods are tangible products such as cars, clothing, and machinery. They have shape and can be seen and touched. Services are intangible. Hair styling, pest control, and equipment repair, for example, do not have a physical presence.

(a)  

All goods have some degree of durability beyond thetime of purchase. Services do not; they perish as they are delivered.

(a)  

Goods can be stored for later use. Thus, production and consumption are typically separate. Because the production and consumption of services are simultaneous, services and the service provider cannot be separated.

(a)  

The quality of goods can be controlled through standardization and grading in the production process. The quality of services, however, is different each time they are delivered.

(a)  

The customer needs to get something new in order to stay interested in a company‘s product. This can be in the form of new features, new shapes, new products and even a new price. This innovation is the continual flow of new products.

(a)  

It is a term used in business to describe the process of capturing a customer's requirements. Specifically, the Voice of the Customer is a market research technique that produces a detailed set of customer wants and needs.

(a)  

It is usually expressed in percentage. It is the percentage of money gained or lost on an investment relative to the amount of money invested.

(a)  

It is the point at which cost or expenses and revenue are equal: there is no net loss or gain, and one has "broken even".

(a)  

It defines the fundamental reason or reasons why developing the product will be beneficial to the business. It outlines a reasoned step by step explanation.

(a)  

It is a formal statement of a set of business goals, the reasons why they are believed attainable, and the plan for reaching those goals. It may also contain background information about the organization or team attempting to reach those goals.

(a)  

It means the process by which marketers try to create an image or identity in the minds of their target market for their product, brand, or organization. The objective of this to ensure that the consumer remembers the product or brand in spite of the noise created by the communication clutter.

(a)  

It is a systematic approach to selling a product or service. It includes all aspects of sales and helps in creating standardized processes which allow monitoring of processes and in enhancing sales.

(a)  

All factors that help in selling a product are the sales tools. These include consumer schemes (e.g. buy one get one free, buy a car and get a chance to win a TV, etc) advertising, printed leaflets, banners, channel push, etc.

(a)  

We have also seen that the product development process has become a complicated and expensive process. Hence a structured approach to product development is needed. This is also called the (a)   .

This is the phase in which the company conducts various activities in order to understand the customer’s needs and desires and define the functional requirements of the product.

(a)  

A set of people whose job is to think / develop/ create new products or concepts.

(a)  

All interesting information is (a)   organisation- wide – usually strategic planners or technology policy makers. Organisations generally circulate information about products, technologies, business processes, competition, etc within the organisation. This not only helps people keep abreast with the latest trends but also allows the germination of new ideas.

During this phase various ideas for products generated in the first phase are discussed and evaluated so that the final product is finalized.

(a)  

It means that these specifications are an overview of all the functions desired in the product. These are stated simply and are meant so that everyone in the organisation can understand the functions are and how it solves the customer’s problems.

(a)  

A (a)   is made for the new product. This business case defines the size of the market, the segment for which the product has been defined, what are the investments needed to make and sell the product and what will be the profit that the product make during its life cycle.

Once the product‘s high level specifications have been finalized and the top management has approved this product and committed resources for its development, the Product Management Group involves the Product Development Team.

(a)  

It needs a lot of preparation so as to ensure that the product succeeds in the market. Just making a good product is not enough to ensure its success. Thus by the time the final product is ready, the Product Management group has to develop the support needed to launch the product in the market.

(a)  

This is a critical phase in the management of products. This is the phase when the product is to be discontinued and a new product has to be introduced. This seems to be quite simple but in reality it is a difficult decision.

(a)