Scribd
Upload
113 views2 pages

31.the Process of Searching Ideas For New Products, Screening Them Systematically, Converting Them Into Tangible Products and Introducing The New Product in The Market. (Product Planning) 32

The document discusses various aspects of product management including product planning, development, diversification, elimination, standardization, and marketing. It addresses identifying customer needs to develop new products, managing products through their lifecycle, and innovating in the face of competition. Product standardization aims to simplify options for consumers while reducing costs. Marketing managers create ideas for new products and analyze strengths and weaknesses versus competitors.

Uploaded by

Chelseeyah
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
113 views2 pages

31.the Process of Searching Ideas For New Products, Screening Them Systematically, Converting Them Into Tangible Products and Introducing The New Product in The Market. (Product Planning) 32

The document discusses various aspects of product management including product planning, development, diversification, elimination, standardization, and marketing. It addresses identifying customer needs to develop new products, managing products through their lifecycle, and innovating in the face of competition. Product standardization aims to simplify options for consumers while reducing costs. Marketing managers create ideas for new products and analyze strengths and weaknesses versus competitors.

Uploaded by

Chelseeyah
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

31.

The process of searching ideas for new products, screening them systematically,
converting them into tangible products and introducing the new product in the
market.(Product Planning)

32. It also encompasses product design and engineering which is also


called(Product Development)
33. Marketing managers usually create ideas for new products by identifying
certain problems that consumers must solve or various customer
needs.(Developing the Product)
34. The business can then determine places in which it has an advantage over
the competition to identify areas of opportunity.( Studying the Market)

35. Managing the product through various stage( Product Life Cycle)

36. Fundamental to both growth and change, and most marketing firms and
industrial units will be unable to survive in the area of massive marketing
competition if they fail to innovate.( Innovation)

37. Refers to the product expansion in the depth and/or in width. Depth of
product-line implies the assortment of colours, sizes, designs, quality, stality,
etc.( Product Diversification)

38. Elimination, termination or withdrawal becomes a necessity because of its


reduced effectiveness, it has a strong substitute, it has declining sales trend, it
has decreasing price trend and profit or it is consuming disproportionate
executive time.( Product Elimination)

39. Framework of agreements to which all relevant parties in an industry or


organization must adhere to ensure that all processes associated with the
creation of a good or performance of a service are performed within set
guidelines.(Standardization)

40. Improvements in existing products as well as deletion of unprofitable or


marginal products. ( Product Planning)

41. Help them compare their strengths and weaknesses against those of key
competitors.( SWOT Analysis)
42. Enables a company to test its product concept on a larger scale, the results
of which are more predictable across the general population.( Phone Survey)

43. A quality, economy, convenience, performance and value.( Standard)

44. A continuous and dynamic function and process.( Product Development)

45. Marketing of products sold internationally may be standardized to keep a


uniform image among the varying markets. (Global Standardization)

46. Simplified through standardisation as the consumers are left with only
selected few product varieties. It contributes towards economies of costs and
human efforts thus conserving the scarce inputs.(

47. Create ideas for new products by identifying certain problems that
consumers must solve or various customer needs. For example, a small
computer retailer may see the need to create a computer repair division for the
products it sells.( Marketing managers)

48. Satisfaction of immediate needs of consumers, increasing sales.

(Immediate Objectives)

49. Consist of reduction in production costs, creation of brand loyalty,


monopolising the market, etc.( Ultimate Objectives)

50. Implies a limitation of the number of varieties or the types composing a


given class.( Product Standardization(

You might also like