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Product Management > Finals > Flashcards

Finals Flashcards

1
Q

allow business owners to understand the buying intentions of their customers.

A

Buyer surveys

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2
Q

provide information about customer’s geographical distribution like their age, need for the product and the immediacy of the customers to embrace the product.

A

Buyer surveys

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3
Q

These surveys also allow companies to understand the price range customers prefer.

A

Buyer surveys

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4
Q

These tools help marketers understand customer preferences better.

A

Business Intelligence Tools

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5
Q

provides companies with valuable information about what they need to change or improve on in their company to reach a wider audience and boost their sales.

A

Sales data

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6
Q

helps them to determine the responses of customers to their products better. This gives the company an idea of the demand for the product and lets them know the customer segments attracted to the product.

A

Test marketing

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7
Q

This analysis uses business and economic research to determine the trends in a company’s industry. This analysis determines if the industry is growing, although they’re not enough for a company to understand if their product will sell.

A

Leading indicators

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8
Q

allows the company to predict future sales, predict customer wants and needs, and allow the company to be better prepared for any changes that might happen in their industry.

A

Forecasting

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9
Q

is the use of current and previous sales data to predict your team’s sales activity during an upcoming monthly, quarterly, semiannual, or annual period.

A

Sales forecasting

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10
Q

How to create a sales forecast

A
  1. Choose your forecasting method.
  2. Identify what you’re selling.
  3. Determine your sales prices and quantities.
  4. Multiply your prices and quantities.
  5. Don’t forget about costs.
  6. Consider your inventory.
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11
Q

three prominent forecasting methods:

A

Opportunity stage forecasting
Historical forecasting
Length-of-cycle forecasting

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12
Q

This forecasting method pertains to your SALES FUNNEL.

A

Opportunity stage forecasting

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13
Q

This forecasting method pertains to RECENT OR SEASONAL DATA.

A

Historical forecasting

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14
Q

This method pertains to the time over which your SALES FUNNEL PROGRESSES.

A

Length-of-cycle forecasting

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15
Q

thorough sales forecast requires you to identify every item you’re selling. Excluding an item that you sell or including an item you’re no longer producing can lead to inaccurate sales forecasts.

A

Identify what you’re selling.

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16
Q

Without considering sales costs, you can’t get a meaningful picture of your profit.

A

Don’t forget about costs.

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17
Q

Summary

A

To create a sales forecast, choose a forecasting method; determine your sales prices, quantities, and costs; make some basic calculations; and consider your inventory.

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18
Q

Why is sales forecasting important?

A

Sales forecasting gives you the information you need to adjust your company’s upcoming sales strategies and budget.

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19
Q

is a key component of proactively planning your upcoming sales strategy and allocating enough money for your sales team.

A

Sales forecasting

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20
Q

What are some key sales forecasting challenges?

A

Sales history.
Data accuracy
Research
Superficiality
Sales funnel inconsistency

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21
Q

CRM abbreviations

A

customer relationship management

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22
Q

Creating an accurate sales forecast requires thorough data on your recent company sales. This need presents a substantial challenge for newer companies with little or no sales history.

A

Sales history

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23
Q

If your company doesn’t have an extensive sales history, you can patch this information gap somewhat via thorough research into your competitors, target market, industry, and more.

A

Research

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24
Q

Sales forecasting assumes correct data sets, but in reality, human error – even with the use of customer relationship management (CRM) software – remains possible.

A

Data Accuracy

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25
Q

In some cases, sales data only showcases numbers, without explaining the reasoning behind fluctuations. Without these backing explanations, predicting future customer behavior can be tougher, thus affecting the accuracy of your sales forecast.

A

Superficiality

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26
Q

Not only can two companies’ sales funnels look completely different, but the funnels that two sales reps within the same company use can also vary.

A

Sales funnel inconsistency

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27
Q

Sales forecasting challenges

A

include lacking sales history and accurate or in-depth data, accounting for seasonality, conducting research, and ensuring consistent internal terminology.

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28
Q

is a written document that the multi-disciplinary new product development team puts together to help team members from functions like R&D, Design, Marketing, Procurement, Production co-ordinate.

A

Product Protocol

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29
Q

helps everyone stay focused on the end goal of satisfied and happy customers.

A

Product protocol

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30
Q

is necessary after you have chosen a new product concept, completed concept testing and done some preliminary sales forecasting of what numbers you expect to sell and at what margins.

A

Product protocol

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31
Q

Steps of NPD (New Product Development) are part of the Stage Gate NPD process created by Robert Cooper

A
  1. Deciding a product concept
  2. Concept Testing
  3. Sales forecasting
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32
Q

also called B-to-B, is a form of transaction between businesses, such as one involving a manufacturer and wholesaler, or a wholesaler and a retailer.

A

Business-to-business (B2B),

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33
Q

refers to business that is conducted between companies, rather than between a company and individual consumer.

A

Business-to-business

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34
Q

is short for business to consumer. It refers to the selling of products and services by a business directly to the end consumer.

A

B2C

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35
Q

from concept generation is the first step of the innovation process that is based on your estimates of market and consumer need.

A

Deciding a product concept

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36
Q

is the step where the new product concept is tested with target market customers. The feedback obtained is used to modify the concept.

A

Concept testing

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37
Q

is where initial sales are projected along with estimates of advertising and marketing expenditure to get the new product launched. The estimate of cost of production is the key ingredient that informs the product protocol.

A

Sales forecasting

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38
Q

purpose of innovation

A

To meet customer and market needs

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39
Q

Product protocol end goal

A

satisfied and happy customers.

40
Q

Seven Principles of Universal Design

A

Equitable Use
Flexibility in Use
Simple and Intuitive Use
Perceptible Information
Tolerance for Error
Low Physical Effort
Size and Space for Approach and Use

41
Q

is a framework for the design of living and working spaces and products benefiting the widest possible range of people in the widest range of situations without special or separate design.

A

Universal design

42
Q

is the organization (or chunking) of a product’s functional elements. It’s the ways these elements, or chunks, interact. It plays a significant role in how to design, make, sell, use, and repair a new product offering.

A

Product architecture

43
Q

Product architecture examples

A

Automobiles
Software
Designing—graphic, website, model design

44
Q

Drives product development based on captured market and technology requirements by defining this and ensuring that design is performed with a complete understanding of a products market and technical objectives

A

Product architect

45
Q

Are a collection of modules or parts that are common to a number of product this commonality is developed intentionally to achieve desired effects in order to create value

A

Product platforms

46
Q

Is a set of parts subsystems interfaces and manufacturing processes that are shared among a set of products

A

Product platform

47
Q

Is a systems development method in which a prototype is built tested and then reworked as necessary until an acceptable outcome is achieved from which the complete system or product can be developed

A

Prototyping model

48
Q

Is an initial stage of software development wherein product development and fixes can occur before the final release of the project

A

Prototype

49
Q

Prototype is sometimes referred to as

A

Beta phase or beta testing

50
Q

Where a small class of users evaluates the initial project before the final development

A

Beta phase or beta testing

51
Q

Is a complex process where you need to create an economically viable and profitable product to satisfy customer needs

A

Developing a prototype

52
Q

It is a kind of drug product that makes you capable of exploring in evaluating your ideas and it can be demonstrated before investing in final product development

A

Developing a prototype

53
Q

It is a term wherein engineers developed the product rapidly before the final release and software is developed in steps so that clients can provide feedback during the process of development itself

A

Rapid prototyping

54
Q

Stages of prototype development

A

1 Gathering and analysis of requirements
2 Quickly designing the prototype
3 Creating a prototype
4 Initial evaluation by the user
5 Prototype refinement 6 Implementation of the product

55
Q

A step in the stages of prototype development where prototyping software development starts with collecting the requirements for the project

A

Gathering and analysis of requirements

56
Q

Hindi stage product design is made of quick and simple design of the entire product is created

A

Quickly designing the prototype

57
Q

In this stage a small working model of the product of be created

A

Creating a prototype

58
Q

The proposed design in the form of a prototype is presented to the client it helps to figure out any flaws and steaks in the working model

A

Initial evaluation by the user

59
Q

This stage will be considered to be complete and less all the suggestions and feedback from them are addressed and met was presented to the client if they are not happy with a design the prototype needs to be REFINED according to their feedback and suggestions in this stage

A

Prototype refinement

60
Q

The final product will be developed according to the final prototype model and this will be tested for early and DEPLOYED

A

Implementation of the product

61
Q

Is the process of IDENTIFYING an opportunity DEFINING the problem DEVELOPING a solution for the problem and VALIDATING the solution with real users

A

Product design

62
Q

Product design is built on a popular framework which is a human-centered approach to innovation that integrates the needs of people technological possibilities and business requirements

A

Design thinking

63
Q

The five product design process

A

Emphatise
define
ideate
prototype
test

64
Q

Is a critical framework that designers used to solve problems

A

Product design process

65
Q

Is a very important part of the design and manufacturing process

A

Testing a prototype or developed design

66
Q

It simply confirms that the product will work as it is supposed to or if it needs refinement. It allows the client to view the prototype and to give his views. Changes and improvements are agreed and further work carried out

A

Testing and evaluation

67
Q

Are sometimes identified by thorough testing and evaluation. The prototype can be tested to british and european standards

A

Safety issues

68
Q

It allows the production cost to be assessed and finalized every stage of manufacturing can be scrutinized for potential costs

A

Evaluating a prototype

69
Q

Is often identified during the testing process this may mean a component is REDESIGN and not the entire product

A

Component failure

70
Q

Allows the designer to plan an efficient and cost-effective MANUFACTURING production line

A

Evaluating the MANUFACTURE of the prototype

71
Q

Can be carried out along side the testing of similar designs are even the products of competitors this may lead to improvements

A

Prototype testing

72
Q

Testing ensures that this can be worked out stage by stage so that the future consumer can use the product efficiently and safely this guarantees customer satisfaction

A

User instructions

73
Q

This usually happens during the early development of a product

A

Proof of concept

74
Q

Helps ensure a fool and relevant evaluation of a prototype is carried out this should be care without ring the entire development process

A

Testing against the DESIGN SPECIFICATION

75
Q

This may lead to a more successful design

A

To offer opinions and suggest critical improvements

76
Q

Innovation and new product development involves three types of testing:

A

Concept testing
product testing
market testing

77
Q

The MOST OVERLOOKED one with avoidable negative outcomes for market success

A

Product testing

78
Q

Occurs in the early part of the NPD process after the firm has figured out its competences and identify the pretty narrow market opportunity that it can serve. Tries to GATHER FEEDBACK from prospective customers

A

Concept testing

79
Q

Once the concept test results are in and the product is developed prototypes are made and pilot production might also take place

A

Product use testing

80
Q

Product used testing can take several forms like:

A

Alpha testing
Beta testing

81
Q

A type of product use testing that is done by employees

A

Alpha testing

82
Q

A product used testing that would be done by users commonly seen in the software industry

A

Beta testing

83
Q

Is than once corrections are made from the product used testing. It intends to test distribution retail merchandising and all those pieces that must be working even for a great new product

A

Market testing

84
Q

Why is product used testing so important?

A

Because it is used to make sure that the product you release in the market does not have any flaws artifacts in the design usefulness ergonomics

85
Q

Is a PLANT EFFORT to bring a new product to market. The goal is to make sure that everyone inside the company your partner’s and target customers know about your product

A

Product launch

86
Q

What is included in a product launch

A

Product development
marketing
sales
customer support
HR

87
Q

It is the process of planning executing and tracking the debut of a product on the market

A

Product launch

88
Q

It is HOW OTHERS PERCEIVE your business it’s the emotional connection that you make with your audience

A

Brand

89
Q

PERCEIVED IMAGE of the product you sell

A

Brand

90
Q

Is the SET OF ACTIONS YOU TAKE to build your brand. It is the STRATEGY to create that image.

A

Branding

91
Q

It is what you sell

A

Product

92
Q

Five brand strategy examples that will inspire you

A
  1. Think different — the creator
  2. Find your greatness — the hero
  3. Taste like home — the innocent
  4. Be unconventional — the explorer
  5. Simplicity and fortitude — simfort
93
Q

Is built upon the most fundamental human desires values and psychological forces personified values instincts emotions and GIVE LIFE TO YOUR BRAND IN GENERAL

A

Archetypes

94
Q

It allows you to connect with your audience in a deeper and more meaningful way

A

Humanizing

95
Q

Three questions to ask about your brand

A

What are your CUSTOMERS DESIRES?
What BELIEFS encourage or stop your customers from choosing you?
WHERE do these beliefs COME FROM?

96
Q

It is a plan designed to deliver in your product to the market it involves a sequence of steps and actions from different team members leading up to the date

A

Product launch strategy

Product Management (4 decks)

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