Basic Marketing Concepts: Product (from the 4Ps/Marketing Mix))

Question 1

Toyota's iterative process to increase innovation and new product introductions is called...

Accepted Answer

Lean product development

Question 2

Features of a lean product development process include...

Accepted Answer

Interative product releases, Rapid prototyping, Shorter product release cycles, Ability to fail fast, fail cheap

Question 3

What is the name for a product with enough features to attract early-adopters and validate the concept?

Accepted Answer

Minimum viable product

Question 4

Which of these are examples of 'Products'?

Accepted Answer

Services, Personalities, places, and political ideas, Organizations, Physical objects

Question 5

A company's customer service would not be considered part of the Product 4P?

Accepted Answer

False

Question 6

What is the most important element in the first moment of truth?

Accepted Answer

Product packaging

Question 7

Creating products specific to an industry, trade, or profession of customers with specialized needs is called...

Accepted Answer

Vertical marketing

Question 8

According to former Harvard professor Clayton Christensen, what % of new products fail?

Accepted Answer

95%

Question 9

The first 3 to 5 seconds when a buyer notices your product is called...

Accepted Answer

The first moment of truth

Question 10

Which of these are major reasons why new products fail?

Accepted Answer

No real problem to solve, Poor product launch, Skewed market research, Poor voice of the customer

Questions 10