Unit 4 - Marketing (Marketing Mix: Product)

Question 1

What is product?

Answer 1

A product is anything that is capable of satisfying customer/consumer needs and wants.
- A physical/tangible good

Question 2

Design, invention, innovation

Answer 2

There is therefore a constant need to develop new goods and services to meet the changing wants and needs.

Question 3

Why is new product development needed?

Answer 3

• Customer needs and wants change.
• New technologies or new processes.
• Replace existing ones.
• Stay ahead or keep up with competitors.

Question 4

Factors to consider when developing a new product