Product, Services & Branding Strategies

Which of the following best defines a product?

• An intangible benefit provided by one party to another

• A tangible item offered to satisfy a want or need

• A service that cannot be owned

• An experience or performance

A service is defined as:

• A physical item that can be touched and owned

• An intangible activity offered in exchange for money

• A tangible product with consistent quality

• A good that can be stored and resold

Which of the following is a key difference between product and service?

• Services can be owned, while products cannot

• Products are perishable, while services can be stored

• Products are tangible, while services are intangible

• Both products and services are standardized

Which is an example of a convenience product?

• Toothpaste

• Luxury car

• Designer handbag

• Funeral service

Products like clothing and furniture, which consumers compare based on price and quality before purchase, are called:

• Convenience products

• Specialty products

• Unsought products

• Shopping products

Life insurance is classified as a(n):

• Specialty product

• Convenience product

• Unsought product

• Shopping product

Which stage of New Product Development involves generating ideas from employees, customers, or competitors?

• Idea Screening

• Concept Development & Testing

• Idea Generation

• Commercialisation

Developing a prototype and testing it with customers happens in which stage?

• Idea Generation

• Product Development

• Test Marketing

• Concept Development & Testing

Which stage involves analysing profitability, costs, and expected return?

• Business Analysis

• Product Development

• Marketing Strategy Development

• Commercialisation

Launching a product in selected markets before global release is known as:

• Test Marketing

• Commercialisation

• Product Development

• Idea Screening