Marketing - Product - 1

Question 1

What is a product?

Answer 1

A good or a service that is sold to customers or other businesses. This includes the after-sales service and packaging.

Question 2

Name the five stages of Research and Development

Answer 2

1. Idea Generation
2. Development
3. Prototype and Testing
4. Modifications
5. Launch to market

Question 3

Describe the stage of Idea Generation

Research and Product Development

Answer 3

Research and Development departments try to design products that are new/better than current ones.

Question 4

Describe the stage of Development

Research and Product Development

Answer 4

Businesses aim to have an innovation in their new product that they can point to as a USP.

Question 5

Describe the stage of Prototypes and Testing

Research and Product Development

Answer 5

Prototypes are made then undergo tests to ensure the product is safe, reliable, fit for purpose and one that customers will use.

Question 6

Describe the stage of Modifications

Research and Product Development

Answer 6

After seeing the prototype or early versions in use, changes can be made to improve the product

Question 7

Describe the stage of product launching

Research and Product Development

Answer 7

The product is put into production and a marketing and advertising campaign is launched to introduce and sell the product to customers.