Product and Service Strategy Flashcards
What is the product development process?
The product development process involves conceiving, designing, and bringing a new product or service to the market, encompassing idea generation, concept development, market research, and commercialization.
What are the key stages of the product life cycle (PLC)?
The product life cycle consists of stages including introduction, growth, maturity, and decline, each representing different challenges and opportunities for product management and marketing strategies.
How does the new product development process contribute to business growth?
The new product development process enables businesses to innovate, expand their product portfolio, meet evolving consumer needs, and gain a competitive edge, driving business growth and market relevance.
What are the key considerations in pricing strategy for products and services?
Pricing strategy involves considerations such as cost analysis, competitive pricing, value-based pricing, psychological pricing, and pricing adaptation, aiming to optimize revenue and profitability while meeting customer expectations.
What is the significance of distribution strategy in product and service management?
Distribution strategy involves decisions related to the channels, logistics, and methods used to deliver products or services to consumers, impacting accessibility, convenience, and customer satisfaction.
How does the product life cycle influence marketing strategies?
The product life cycle influences marketing strategies by guiding decisions related to product positioning, pricing, promotion, and distribution, ensuring alignment with the product’s stage in the market.
What are the key components of an effective product and service strategy?
An effective product and service strategy includes elements such as product development, pricing, distribution, branding, customer value proposition, and product life cycle management, aiming to deliver value and meet consumer needs.
How does product differentiation contribute to competitive advantage?
Product differentiation involves creating unique features, benefits, or attributes for a product or service, enabling businesses to stand out in the market, attract customers, and gain a competitive advantage.
What role does customer feedback play in product and service strategy?
Customer feedback informs product and service strategy by providing insights into customer preferences, satisfaction, and unmet needs, guiding businesses in refining existing offerings and developing new products or services.
What are the key challenges in managing the product and service strategy?
Challenges in managing the product and service strategy include staying innovative, adapting to market changes, addressing competitive pressures, managing product life cycle transitions, and meeting evolving customer expectations.
What is Performance quality?
The product’s ability to perform its functions.
What is Conformance quality?
Freedom from flaws and consistency in delivering a targeted level of performance.
What is the Major steps in new product development?
Include idea generation, idea screening, concept development and testing, marketing strategy development, business analysis, product development, test marketing, and commercialization. Each step is essential for evaluating, developing, and successfully launching a new product.
