Lesson 4

Question 1

are the essential things to fulfill the states of deprivation for
our survival.

Answer 1

Needs

Question 2

is a desire for offerings or benefits that are not necessary.

Answer 2

Wants

Question 3

If a customer is willing and able to buy a need or a want, it means that
they have a _____for that need or want.

Answer 3

Demands

Question 4

is a state of felt deprivation
about something that is deemed
to be necessary.

Answer 4

Needs

Question 5

are the specific manifestation
of needs.

Answer 5

Wants

Question 6

are wants that are backed
by purchasing power.

Answer 6

Demands

Question 7

is a bundle of attributes (features,
functions, benefits, and uses) that a person
receives in an exchange.

Answer 7

A product

Question 8

Type of consumer products

Answer 8

Convenience

Shopping

Specialty

Unsought products

Question 9

products that consumers
purchase repeatedly and without much thought.

Answer 9

Convenience products

Question 10

Example of convenience products

Answer 10

Ex. toilet paper, soap, toothpaste, shampoo, milk, etc.

Question 11

are commodities
consumers typically
spend more time
researching and
comparing
before
purchase.

Answer 11

Shopping Products

Question 12

is the only product of its kind on the
market, which means consumers typically don’t feel the
need to compare and deliberate as much as they
would with shopping products.

Answer 12

Specialty Products

Question 13

are
goods
that
people aren’t typically
excited to buy.

Answer 13

Unsought Products

Question 14

is the core of the
marketing mix.

Answer 14

Product

Question 15

defines what will be
priced, promoted, and
distributed.

Answer 15

Price

Question 16

5 qualities that make a good
product “Great”

Answer 16

1. Exceptional value
2. Exceptional value
   proposition
3. Superior customer
   service
4. Intuitive and user-friendly
5. Continually evolving

Question 17

Every successful product in the market, whether it’s digital
products like Apple’s iPhone or a simple grocery service,
starts with a single mission — to solve a user’s problem.
But in the crowd of multiple solutions, your product or
service needs to stand out. Offering a unique solution
that significantly improves a user’s life is what distinguishes
a great product from a good one.

Answer 17

Exceptional Value

Question 18

is the key
reason why a customer would choose your
product over others. It’s all about the significant
value that your product brings into the
customers’ lives, something they wouldn’t get
elsewhere.

Answer 18

Exceptional Value Proposition

Question 19

Great
products are backed by exceptional
__________, which ensures that the
user needs and queries are addressed
promptly and efficiently.

Answer 19

Superior Customer Service

Question 20

No matter how sophisticated the information technology behind a
product is, if it isn’t easy to use, it won’t have mass appeal. Great
products are intuitive and make the user’s life simpler, not more
complex.

Answer 20

Intuitive and user friendly

Question 21

The needs and preferences of users change with time. A great
product never stops evolving to meet these changing demands and
trends. It continually adapts, improves, and innovates to offer more
product value.

Answer 21

Continually Evolving

Question 22

analysis is a great way to consider
how you compare to the
competitors in your market. It is
one of the primary methods you can
use to prompt the major issues
which face your business now and into
the future. It is one of the key
components of any marketing plan.

Answer 22

SWOT ANALYSIS

Question 23

What does the company/product do better
than (or at least
equivalent to) the competition.

Answer 23

STRENGTHS

Question 24

Strengths could be

Answer 24

Specific product attribute

Advantage Brand perceived value

Customer service of company

Question 25

What does the company/product do that is not
as good
as the competition? How is this going to effect your customer’s sales?
Thought needs
to be given
to how you
can compensate
for, or overcome these issues. What is the cost of overcoming these
issues?

Answer 25

Weakness

Question 26

What area of the market could you enter with some
modifications to
the
product/service
or
company?

Answer 26

Opportunities

Question 27

The
main
elements
in opportunities
could
include:

Answer 27

Change size, shape, colour

Additional services and New Packaging

Different distribution points and New promotional focus

Question 28

What
actions
could
threaten
the
product
or
standing
in
the market?

Answer 28

Threat

Question 29

What is included as Threats

Answer 29

New competitor
entry Major product
failure

Reduction in promotional spend

Customer changes and changes in the market