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D373 Section 2_ Lesson 1 Product Development Questions & 100% Verified Correct Answers with complete solutions (Latest update CA$11.48   Add to cart
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D373 Section 2_ Lesson 1 Product Development Questions & 100% Verified Correct Answers with complete solutions (Latest update

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D373 Section 2_ Lesson 1 Product Development Questions & 100% Verified Correct Answers with complete solutions (Latest update

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  • August 29, 2024
  • 3
  • 2024/2025
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  • d373 section 2 lesson 1 product development

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D373 Section 2: Lesson 1 Product Development
the believe of a customer (or not) that a product or service is going to satisfy their wants or
needs - ANS-Customer perceived value

Reimagining an industry through new business models, products, distribution, and pricing -
ANS-Disruption

the consumer determines other things related to price like service, durability, reliability, and
value, which consciously and subconsciously affect the purchase decision - ANS-Economic
benefit

Purchasing a product based on the way it makes you feel - ANS-Emotional reasoning

What it actually does / how it provides utility - ANS-Functional benefit

An offering that includes both the product and a service - ANS-Product bundle

a broad set of activities and functions that support the development, marketing, and sale of your
product or service. - ANS-Product management

refers to the marketing of a tangible good or a service- including, developing the product,
identifying the target market, and determining price, promotion, and distribution of the product -
ANS-Product marketing

a product purchase that satisfies more intangible needs of the consumer beyond the
functionality of the product - safety, prestige, belonging, etc. - ANS-Psychological benefit

Refers to justifying a product purchase with a logical or "legitimate" reason that supports rational
thinking - ANS-Rational reasoning

Creates a perception of a shortage (or actual shortage) which aims to entice customers to
purchase out of fear that they may not be able to get it in the future. - ANS-Scarcity marketing

A methodology to more efficiently and effectively develop software products - ANS-Agile

the actual product plus other supporting features such as a warranty, credit, delivery, installation,
and repair service after the sale, which differentiates it from the competition - ANS-Augmented
product

threat of entry, threat of substitute, supplier power, buyer power, and competitive rivalry -
ANS-Porter's Five Forces

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