Question

(Subject is: Marketing Management so Please use a new unique words using keyboard, and sure I will like your answer).

(Mention the number of the question in your answer please).

CRITICAL WRITING

Today, there is a great multitude and varieties of new products available in stores and online, from which consumers can choose. Think about the new products you've seen in the past two or three years, then choose a new product from any category.

Questions       (2×5 = 10 Marks)

1. How would you define the attributes and benefits of the chosen product?

2. Define the core, actual, and augmented product benefits.

3. Briefly describe the steps in the new product development process.

4. Each product will have a life cycle, although its exact shape and length are not known in advance. Explain each step in the PLC.

5. What are the dimensions upon which a company manages its product portfolio?

Answer 1

• I will pick the gadget by robotics organization for intelligence.

1):- Product characteristics and advantages are as per the following:

a) Device is little in size.

b) Device can make intelligent any sort of surface.

c) Easy to utilize.

d) Installation is basic.

e) Device gives compactness.

f) No compelling reason to utilize PC framework.

g) Interactivity is smoother than the whiteboard.

h) Device can be moved to anyplace.

I) Only hello speed web required.

These are a few characteristics and advantages of the gadget.

2):- Core item benefits:

a) Device is versatile.

b) No need of utilizing intelligent whiteboard.

c) Any surface can be made intelligent.

d) No need of utilizing PC framework.

e) Device has it's own stockpiling limit.

f) All the capacities that are accessible in an intelligent whiteboard are likewise accessible in the gadget.

g) More capacities and offices are accessible in the gadget.

Genuine item benefits:

a) Design of the gadget is alluring and little.

b) For availability HDMI, VGA, LAN, USB ports are accessible.

c) Device can be associated straightforwardly from Wi-Fi association so no need of wires.

d) Due to it's little structure gadget is versatile to anyplace.

e) To stylus are likewise given to use to composing superficially.

f) Cables and connecters all are furnished with the gadget.

g) Stylus are chargeble and the links are given.

h) Device can be constrained by remote.

Augumented item benefits:

a) A manual is given with the gadget for guidelines.

b) Device deals with programming projects and they are accessible for nothing on the play store.

c) Device is easy to understand no additional information expected to work.

d) User can reflect portable or PC screen superficially by means of gadget.

e) Device can be associated by means of web just moreover.

3):- Steps in new item advancement process:

a) Idea generation:

To build up another item right off the bat a thought ought to be produced. Thought may originate from different sources like interior sources, statistical surveying, rivalry, clients and SWOT examination.

b) Idea screening:

In the thought age process numerous thoughts might be created now it's a great opportunity to pick the smart thought to build up another item. Screening implies picking the great one and disposing of the others. Numerous variables like organization's quality, organization's shortcoming, client needs, continuous market patterns and so on help in Idea screening.

c) Concept advancement and testing:

In the screening procedure we got some smart thoughts. Presently it is critical to make those thoughts adequate, it is called idea of the item. These ideas are placed in the objective market and criticism are taken this is called idea testing. A decent item can't be created without an idea.

d) Business methodology examination and improvement:

After the past advance now we have the idea that ought to be created in an item. Methodologies like showcasing, brandingbranding are dissected and evaluated item benefit, advertising blend is additionally broke down.

e) Product advancement:

Presently in the wake of choosing all the procedures it's currently time to change the idea into an unmistakable item. Model is made right now all the procedures are applied.

f) Test showcasing:

Right now model is presented for research and input. Input from clients are taken and changes done in the item whenever required.

g) Commercialization:

Presently promoting blend is applied right now, and systems are prepared, target markets are chosen, obligations and targets are chosen before the presentation phase of the new item.

4):- Product life cycle:

a) Introduction:

Right now turns into the real item to deal in the market. Following things occur at the presentation arrange:

Market is little for the item since it is new in the market.

Need to make a buzz about the item with the goal that potential clients and contenders find a workable pace the item.

Creation costs are high since client base is low.

Benefit will be less or their will be no benefit right now.

b) Growth:

Right now gets a spot in the market.

Deals and incomes are expanded.

Benefits likewise improve due to the ascent in client request.

Mindfulness about the item is made right now.

Creation costs are low a direct result of expanded deals and more popularity.

Rivalry likewise increments right now.

c) Maturity stage:

In this stage sales are at peak point.

Speed of sales slows down.

Competitor's product becomes more similar.

Problems in retaining the market share comes in this stage.

Companies aggressively try practices like sales promotion, lowering of price, adding new products in line etc.

This is the most profitable stage.

Competition also increases at this stage.

Market share becomes less.

Innovations are done in the product to make it different.

Prices are low at this stage.

Profits start decreasing at this stage.

d) Decline stage:

At this stage product is declined by the customers due to change in customer tastes, availability of new substitutes, technological obsolescence etc.

Market is falling in this stage.

Prices also fall down in the stage.

Company has very few options now like to kill the product or to add more innovation or to wait for the competitors to exit the market.

5):- Dimensions for product portfolio:

1) Product mix width

This includes the number of product lines company has.

2) Product mix length

This includes the total number of products that company carries in product lines.

3) Product mix depth

This includes the total number of versions of the products that company is offering in different product lines.

4) Consistency

This includes how close the product lines are related in terms of end use, production requirements, distribution channels or other ways.

This completes the four dimensions of product portfolio.