Product Decisions

Question 1

product

Answer 1

Anything that satisfies a want or need through, use, consumption, acquisition (problem solvers)

Question 2

features

Answer 2

Tangible or intangible attributes given by designers

Question 3

benefits

Answer 3

Solutions to customer problems or needs

Question 4

Software for product decisions

Answer 4

Digital marketing platform (salesforce), quality function deployment, conjoint analysis

Question 5

Brand equity position (4)

Answer 5

Brand name awareness, perceived quality, brand loyaty, brand association

Question 6

Brand extension

Answer 6

Use of family brand name in one product class as a vehicle to enter another product class

Question 7

Service Decisions and Warranties (10)

Answer 7

1. Delivery reliability
2. warranty
3. repair and maintenance
4. efficient returns
5. credit availability
6. handling of enquiries
7. buyer perssonel training
8. claims settlement
9. fast quotes
10. fast order processing

Question 8

Product Systems

Answer 8

Barriers to competition (HP printers and cartridges)

Question 9

New Product Classes (4)

Answer 9

New to the world, new to the firm, product line extensions, product improvements

Question 10

New product development

Answer 10

co-creation, crowdsourcing, collective customer comittment

Question 11

Stage gate system

Answer 11

evaluate product development early and kill ideas before much resources are spent

Question 12

Idea to launch

Answer 12

agile, iterative, accelerated development process

Question 13

5 Gates

Answer 13

1. Idea generation and initial screening (strategic fit)
2. Secondary screening (go/no go)
3. Decisions on the business case
4. Post development review
5. Pre-commercialization business analysis decisions (fled, lab testing)

Question 14

Lab test markets

Answer 14

Awareness, trial, repeat buying