lesson 8: product development for export Flashcards
A _____ is the item offered for sale.
A _______ can be a service or an item. It can be physical or in virtual or cyber form. Every product is made at a cost, and each is sold at a price
PRODUCT
- The main benefit that a buyer gets from purchasing the product
- Thus, the main benefit answers the question “what is the buyer really buying?”
CORE PRODUCT
- Refers to the product’s brand name, quality level, packaging, design, and features.
- is the physical or tangible product which a consumer buys to get the CORE benefits that this product has in offering.
ACTUAL PRODUCT
- Profit can be gained from ______
- If a consumer is impressed by a product, it will be easier for him/her to purchase it because of a simple name he/she can readily associate the product with.
BRAND NAME
- Efforts should always be made to give the customer the best quality at any given price.
- ______ is important because it affects the success of the company and helps establish its reputation in customer markets
QUALITY LEVEL
- Plays two important roles – to protect the product and to promote the product
PACKAGING
- The product must be developed or improved continuously to suit the customers’ needs
- Its ________ must be used to create a competitive advantage
DESIGN AND FEATURES
- The additional consumer services and benefits
AUGMENTED PRODUCT
- The product reflects the company image
- It should enhance the company’s reputation as well
PRODUCT AND COMPANY IMAGE
developing the product and company image can be very costly
TRUE
- A sequence of stages in the life of a product brought about by changes in marketing situations that impact both the marketing strategies and the marketing mix
PRODUCT LIFE CYCLE
four stages of product life cycle
introduction, growth, maturity and decline
- Attempts to sell the product using local promotion strategy in a foreign country
STRAIGHT EXTENSION
- The product remains basically the same, but its form of promotion differs
- The promotion modification cost is lower compared with the cost of redeveloping or physically changing the product
- means changing the communication for a product due to change in strategy, line extension etc.
COMMUNICATION ADAPTATION
- Means modifying a product to make local conditions or preferences without changing the promotion strategy.
PRODUCT ADAPTATION
- Both the product and the promotion have to be changed to adapt to local situations.
DUAL ADAPTATION
- Creation of an entirely new product which will serve the unmet need or demand in the market
PRODUCT INVENTION
“The market is constantly changing”
TRUE
The following are some of the common assumptions or misconceptions of manufacturers:
1. Product development is a sure solution to business problems
2. It is identical to developing new designs
3. It is the sole responsibility of the designer
4. It is a purely creative activity
TRUE
Product development should be a continuing concern
TRUE / SUSTAINABLE PRODUCT DEVELOPMENT PROGRAM
- A company will be successful if it has a ___________
- A company is said to be ready if it has a clear business plan, well-established objectives and programs, as well as the resources needed for product development
SUSTAINABLE PRODUCT DEVELOPMENT PROGRAM
- Is an agency under the Department of Trade and Industry (DTI)
- It aims to promote product development as a tool for improving the quality and competitiveness of Philippine products
PRODUCT DEVELOPMENT AND DESIGN CENTER OF THE PHILIPPINES
PDDCP SERVICES - design of a new product, product adaptation, diversification, or expansion of products or product line based on market needs and available technology
PRODUCT DESIGN
PDDCP SERVICES - new design or redesign of packages of food and non-food products based on requirements of the target market
Package design
