1. Define the concept of Product.

A product is anything created or offered to meet a need or want. It can be a physical

item, like a smartphone, or a service, like online streaming. Products are designed to
solve problems, provide benefits, or add value to customers' lives. For example, a
refrigerator keeps food fresh, and a haircut service enhances appearance.

Products are typically developed by businesses and are marketed to specific

audiences. They come with features, quality levels, and prices tailored to customers'
preferences. Successful products satisfy users' needs effectively and are easy to use.
In short, a product is the result of effort and creativity aimed at fulfilling people's
needs or improving their lives.

A good product meets the expectations of its target audience, addressing their
specific requirements effectively. In essence, a product is the outcome of effort and
creativity aimed at delivering solutions or experiences to consumers.

2. Marketing and sales

Aspect Marketing Sales
Converting leads into
Attracting and engaging
Focus customers by closing
potential customers.
deals.
Building awareness, interest,
Achieving revenue by
Objective and demand for products or
meeting sales targets.
services.
Long-term strategy for brand Short-term focus on
Time Frame positioning and customer immediate results and
relationships. transactions.
Direct, involving one-on-
Indirect, using campaigns,
Approach one communication with
content, and promotions.
buyers.
Advertising, social media, CRM systems, pitches,
Tools Used email, SEO, and market presentations, and
research. negotiations.
Broad, targeting potential Narrow, targeting
Audience leads and a larger market specific prospects or
segment. qualified leads.
Based on metrics like brand Based on sales revenue,
Measureme
awareness, website traffic, deal closures, and
nt
and lead generation. quotas met.
Creating campaigns, Conducting client
Key
analyzing market trends, and meetings, demos, and
Activities
building brand equity. follow-ups.
Persuasion, relationship
Skills Creativity, analytical thinking,
building, and
Required and communication.
negotiation.
 Aspect Marketing Sales
Dependenc Works to generate leads for Relies on marketing to
y the sales team to convert. provide qualified leads.

3. 4P of Marketing.
The 4Ps of Marketing, also known as the Marketing Mix, are four key elements
used to develop effective marketing strategies. They are

Product:
Refers to what is being offered to meet customer needs. It includes the product's
features, quality, design, packaging, and branding. For example, a smartphone's
camera quality, battery life, and brand name are part of the product

Price:
This is the cost customers pay for the product. Pricing strategies, such as discounts,
payment plans, or premium pricing, influence demand and profitability.

Place:
Refers to how and where the product is distributed and made available to customers.
This includes physical stores, online platforms, or direct delivery.

Promotion:
Involves the methods used to communicate with the target audience, such as
advertising, social media, public relations, and sales promotions, to raise awareness
and encourage purchases.

4. 7P of Marketing.

· Product: The goods or services offered to meet customer needs. It includes

features, design, quality, and innovation.

· · Price: The amount customers pay for the product or service. It includes pricing
strategies, discounts, and payment terms.

· · Place: Where and how the product is delivered to customers, such as physical
stores, online platforms, or distribution channels.

· · Promotion: The methods used to communicate with the audience, including

advertising, public relations, and digital marketing.

· · People: The staff, customer service teams, and everyone involved in delivering
the product or service. Their skills, attitudes, and behaviors impact customer
satisfaction.

· · Process: The steps or workflows involved in delivering the product or service. It

ensures efficiency, consistency, and quality in customer interactions.
· · Physical Evidence: The tangible or visible elements that support the product or
service, such as packaging, branding, or the appearance of a store or website.

5.Diff between customer and Consumer

Aspect Customer Consumer

A person who uses or
A person or entity that
Definition consumes the goods or
buys goods or services.
services.
Acts as the buyer in a Acts as the end user of the
Role
transaction. product or service.
Concerned with Focused on using or
Focus
purchasing decisions. experiencing the product.
A parent buying a toy for The child playing with the
Examples
their child. toy.
Relationshi Engages in transactions Engages with the product
p with businesses. post-purchase.
Influenced by usability,
Decision- Influenced by factors like
satisfaction, and
Making price, quality, and brand.
experience.
A customer can also be A consumer may not
Overlap
the consumer. always be the customer.
Targeted through sales
Marketing Targeted through product
strategies and
Target design and experience.
promotions.

6.Concept of STP.

STP stands for Segmentation, Targeting, and Positioning—a three-step marketing

process used to identify and reach the right audience with the right message. Here’s a
breakdown of each step:

Segmentation:
This involves dividing the broad market into smaller, more manageable groups based
on shared characteristics like demographics (age, gender), psychographics (lifestyle,
interests), geographic location, or behavioral traits (purchasing habits). The goal is to
understand the different needs of various customer segments.

Targeting:
After identifying the different segments, businesses choose which segment(s) to focus
on. Targeting involves selecting the most promising market segments based on factors
like profitability, size, and accessibility.

Positioning:
Positioning is about how a product or brand is perceived by the target audience. It
involves crafting a clear, distinctive image or message that appeals to the targeted
segment, differentiating it from competitors and highlighting its unique value.

7 Concept of Product Management.

Product Management is the process of guiding a product through its entire lifecycle,
from idea to development, launch, and beyond. It involves overseeing all aspects of
the product to ensure it meets customer needs, achieves business goals, and delivers
value. Product management focuses on creating a product strategy, managing
resources, and coordinating teams to bring the product to market. Here's a breakdown
of key aspects:

Product Strategy: Setting clear goals and defining the vision for the product based
on market research, customer feedback, and business objectives.

Product Development: Overseeing the design and development of the product,

ensuring it meets requirements, is feasible to produce, and aligns with the strategy.

Cross-functional Collaboration: Product managers work closely with teams like

marketing, engineering, sales, and customer support to ensure smooth product
creation, launch, and ongoing improvements.

Market Research: Continuously gathering data about customer needs, market trends,
and competitor products to inform product decisions.

Product Lifecycle: Managing the product through its entire lifecycle—planning,

development, launch, growth, maturity, and eventually discontinuation.

8. Concept of PLC also diagram.

The Product Life Cycle (PLC) is a model that describes the stages a product goes
through from introduction to decline. Understanding this cycle helps businesses make
informed decisions about their product strategies.

Stages of the Product Life Cycle

Introduction:

1. Product is launched into the market.

2. Sales are low, and profits are negative or minimal.
3. Marketing focuses on creating awareness and building brand recognition.

Growth:

1. Product gains market acceptance and sales increase rapidly.

2. Profits start to grow.
 3. Marketing efforts focus on expanding distribution and encouraging repeat
purchases.

Maturity:

1. Sales growth slows down and stabilizes.

2. Profits peak and then start to decline.
3. Marketing strategies shift towards maintaining market share and defending against
competition.

Decline:

1. Sales and profits decline.

2. The product may become obsolete or face intense competition.
3. Marketing efforts may be reduced or discontinued.

9.Concept of NPD.

New Product Development (NPD) refers to the process of creating, designing, and
launching new products into the market. This process involves several stages aimed at
transforming an idea into a commercially viable product that meets customer needs
and drives business growth.

Key Stages of NPD:

Idea Generation:
This is the initial stage where new product ideas are generated. Ideas can come from
various sources, such as customers, competitors, employees, or market trends.

Idea Screening:
After generating ideas, the next step is to evaluate them to ensure they are feasible,
align with the company’s goals, and meet market demand. Unviable ideas are
discarded.

Concept Development and Testing:

Once an idea is chosen, it is turned into a product concept, and its potential is tested
through focus groups or market research. Feedback helps refine the product.

Business Analysis:
In this stage, the product’s profitability, market potential, production costs, and
overall feasibility are analyzed. A business case is made for moving forward.

Product Development:
The actual design and development of the product take place. Prototypes are created,
and the product undergoes engineering and refinement to meet quality standards.

Market Testing:
The product is tested in a small market segment to evaluate consumer responses and
assess its performance before a full-scale launch.

Commercialization:
The product is introduced to the broader market. This includes launching the product,
mass production, distribution, and large-scale marketing efforts.

Post-launch Evaluation:
After the product is launched, ongoing evaluation is crucial to monitor its
performance, customer satisfaction, and any necessary adjustments or improvements.

10. diff between idea generation and idea Screening.

Aspect Idea Generation Idea Screening
The process of coming The process of evaluating and
Definition up with new product filtering ideas to identify viable
ideas. ones.
First stage of the New Follows idea generation,
Stage in
Product Development before moving forward with
NPD
(NPD) process. development.
Creative thinking and Assessing the feasibility and
Focus
brainstorming. potential of ideas.
To generate a wide To select ideas that align with
Objective range of innovative and business goals and market
diverse ideas. needs.
 Aspect Idea Generation Idea Screening
Open and broad,
Analytical and focused on
Approach encouraging creativity
eliminating impractical ideas.
and free thinking.
A list of possible product A filtered list of ideas that are
Outcome
ideas. worth developing further.
Based on brainstorming, Based on criteria like market
Decision-
feedback, and potential, costs, and alignment
Making
inspiration. with business objectives.
Brainstorming sessions,
Tools SWOT analysis, feasibility
idea workshops,
Used studies, market research.
research.

11.Concept of product line.

A product line refers to a group of related products offered by a company that share
similar characteristics, functions, or target markets. These products are sold under the
same brand and fall within the same category, but they may differ in terms of features,
sizes, or price points. A product line allows a company to target a broader range of
customers by offering various options within the same category.

Key Features of a Product Line:

1. Product Variety: Different products that cater to different customer needs within the same
category.
2. Related Products: Items in a product line are designed to serve similar functions or solve
similar problems.
3. Brand Consistency: All products in the line typically carry the same brand name, ensuring
consistency.
4. Price Range: The products may vary in price, providing options for different customer
segments.

Examples of Product Lines:

 Apple: iPhone models (e.g., iPhone 13, iPhone 13 Pro, iPhone 13 Mini) make up a product
line within the smartphone category.
 Coca-Cola: The Coca-Cola product line includes regular Coca-Cola, Diet Coke, Coca-Cola Zero,
and flavored variants.

11.Three reasons for adding in the company portfolio.

· Market Expansion:
Adding new products allows a company to enter new markets or target different
customer segments, broadening its reach and increasing its market share. This helps
the company tap into fresh revenue opportunities.

· · Risk Reduction:
A diversified product portfolio reduces the company's dependence on a single product
or market. By offering a variety of products, the company can minimize the impact of
market downturns or changes in consumer preferences on its overall business.

· · Competitive Advantage:
Introducing new products helps a company stay competitive by responding to
customer needs, innovating, and differentiating itself from competitors. It enables the
company to stay ahead in the market and attract loyal customers.

12.Three reason which can contribute toward the failure a

new product.
· Lack of Market Research:
If a company fails to properly understand customer needs, preferences, or market
trends, the product may not meet the expectations of the target audience. Inadequate
market research can lead to a product that doesn't solve a real problem or isn't
appealing to consumers.

· · Poor Product Quality:

A product that fails to meet quality standards or has design flaws can result in
customer dissatisfaction and negative reviews. If the product doesn't perform as
expected or has issues, it can lead to a lack of trust and poor sales.

· · Inadequate Marketing and Promotion:

Even a great product can fail if it isn’t marketed effectively. Without proper
promotion, advertising, and awareness campaigns, customers may not know about the
product, leading to low demand and poor market penetration.

13.Significant of Product development state in NPD.

The Product Development stage in New Product Development (NPD) is crucial
because it is where the idea or concept is transformed into an actual product. This
phase focuses on refining the product, ensuring it meets customer needs, and making
it ready for market introduction. The significance of this stage includes:

Turning Ideas into Reality:

This is where concepts and prototypes are developed, tested, and finalized. It moves
the product from a theoretical idea into a tangible, market-ready item.

Ensuring Feasibility:
The product development stage allows the company to assess the technical feasibility,
cost-effectiveness, and scalability of manufacturing the product. It's a key step in
ensuring that the product can be produced at the right quality and price.

Design and Quality Refinement:

During this stage, product design is optimized for functionality, user experience, and
visual appeal. It ensures the product meets quality standards and delivers on its
promises to customers.
Risk Mitigation:
By developing and testing prototypes before mass production, companies can identify
and address potential problems, reducing the risks of failure in later stages.

Cross-functional Collaboration:
Product development involves collaboration among various departments, including
marketing, engineering, design, and manufacturing. This ensures the product aligns
with business goals and customer expectations.

14.A significant of state Test marketing Step in NPD

The Test Marketing step in New Product Development (NPD) is significant because
it allows companies to evaluate the product's performance in a real-world
environment before a full-scale launch. Here are the key reasons why this stage is
critical:

Customer Feedback:
Test marketing provides valuable insights into how customers perceive the product,
including its features, benefits, and overall appeal. This feedback helps identify any
issues or improvements needed before the product is introduced on a larger scale.

Market Response:
It helps gauge the demand for the product in different markets and understand
customer preferences, enabling companies to adjust pricing, distribution strategies,
and promotional efforts accordingly.

Risk Reduction:
By testing the product in a small segment of the market, companies can identify
potential problems, such as flaws in the product or issues with marketing, before
committing to a nationwide or global launch. This minimizes the financial and
reputational risks of a failed product.

Refining Marketing Strategy:

Test marketing allows businesses to refine their advertising, positioning, and
distribution strategies based on real consumer reactions. This ensures that the product
is effectively marketed to the target audience when it is fully launched.

Forecasting Success:
It provides a preview of how the product may perform in the larger market, allowing
the company to make more accurate sales projections and adjust production plans.

15.A significant of state idea screening in NPD

The Idea Screening step in New Product Development (NPD) is a
critical stage because it helps narrow down a large number of
potential ideas to the most viable and promising ones. This stage
ensures that only the ideas with the greatest chance of success
move forward in the development process. Here are the key
significances of idea screening:

Eliminating Poor Ideas:

Idea screening helps filter out ideas that are impractical, unfeasible,
or not aligned with the company’s goals. This prevents wasted
resources and time on ideas that are unlikely to succeed in the
market.

Focusing Resources on Promising Ideas:

By narrowing the focus to the most viable ideas, the company can
allocate resources (time, money, and effort) efficiently, ensuring
that only the best ideas move forward in the development process.

Aligning with Business Goals:

Idea screening ensures that the selected ideas align with the
company’s strategic goals, target market, and overall vision. This
makes it more likely that the product will meet customer needs and
fit within the company's brand.

Reducing Risk:
Screening helps reduce the risk of product failure by identifying
potential issues early. It allows the company to evaluate ideas
based on criteria like market demand, technical feasibility, and
profitability.

Cost and Time Efficiency:

Screening helps eliminate ideas that would require high investments
in development and marketing but are unlikely to succeed. This
saves costs and accelerates the overall product development
process.

Improving Product Quality:

The screening process encourages the company to focus on ideas
that are innovative, meet market needs, and offer a competitive
edge, improving the quality of the products developed.

16.A significant of state Concept texting in NPD

The Concept Testing step in New Product Development (NPD) is crucial because it
allows a company to evaluate how a product concept resonates with the target
audience before moving into the development or launch stages. Here's why this step is
significant:

Customer Feedback:
Concept testing gathers valuable insights from potential customers about the product's
appeal, features, and overall desirability. This helps the company understand if the
concept aligns with customer needs and expectations.

Risk Reduction:
By testing the product concept with real consumers before investing in full
development, companies can identify potential issues or flaws early. This reduces the
risk of product failure or costly mistakes later in the NPD process.

Refining the Product Concept:

Feedback from concept testing can reveal areas for improvement or adjustments in
design, features, or functionality. This allows the company to refine the product
concept and make it more attractive to consumers.

Market Fit:
Concept testing helps ensure that the product concept will fit within the target market.
It provides insights into how well the concept matches consumer desires, helping
companies avoid launching products that don't meet market demand.

Evaluating Demand and Pricing:

Through concept testing, businesses can gauge how much interest or demand exists
for the product and even test different pricing strategies. This allows for better
forecasting and strategy development.

Informed Decision-Making:
The insights gathered during concept testing support more informed decision-making
about whether to move forward with product development or make modifications.
This helps prioritize investments in the most promising product ideas.

17.Concept of brand Management

Brand Management refers to the process of creating, developing, and maintaining a
brand to ensure that it remains strong, relevant, and resonates with consumers. It
involves managing the brand’s image, reputation, and overall identity in the market to
build customer loyalty, differentiate the product from competitors, and drive long-
term success.

Key Elements of Brand Management:

Brand Identity:
This is the unique combination of elements such as the brand name, logo, tagline,
colors, and overall design that distinguish the brand from others. It's the visual and
emotional representation of the brand.

Brand Positioning:
This defines how the brand is perceived in the market and the mind of consumers
relative to competitors. Effective positioning highlights the brand’s unique value
proposition and why it is the preferred choice for the target audience.
Brand Equity:
Brand equity refers to the value a brand adds to a product or service, based on
consumer perception, loyalty, and awareness. Strong brand equity increases customer
trust and the brand’s ability to command higher prices.

Brand Communication:
This involves the messaging and communication strategies used to convey the brand’s
values, benefits, and personality to the target audience. It includes advertising, public
relations, social media, and other forms of marketing.

Brand Loyalty:
Building brand loyalty is crucial in brand management. This is achieved by
consistently meeting or exceeding customer expectations, which leads to repeat
purchases and long-term customer relationships.

Brand Monitoring and Adjustment:

Brand managers continuously track the brand’s performance, consumer perceptions,
and market trends. This helps make adjustments in the brand strategy to stay relevant
and competitive.

Importance of Brand Management:

 Differentiation: It helps the brand stand out in a crowded market.
 Customer Trust: Effective brand management builds trust, encouraging customers to choose
the brand over competitors.
 Long-Term Success: Strong brands have long-term customer loyalty, higher market share,
and greater profitability.
 Premium Pricing: Brands with high equity can command higher prices due to the perceived
added value.

18.Concept of swot Analysis.

SWOT Analysis is a strategic planning tool used by businesses to assess their internal
and external environments. It helps identify the strengths, weaknesses, opportunities,
and threats related to a business or project. By understanding these four key areas,
companies can develop strategies that leverage their advantages, address challenges,
and make informed decisions.

Components of SWOT Analysis:

Strengths (Internal):
These are the positive attributes or resources a company possesses that give it a
competitive advantage. Strengths can include factors like a strong brand, skilled
workforce, exclusive technology, high customer loyalty, or efficient processes.

Examples:

1. Strong brand reputation

2. Unique product features
3. Skilled and experienced team
Weaknesses (Internal):
Weaknesses are areas where the company is at a disadvantage compared to
competitors or where improvements are needed. This might include gaps in
capabilities, resource limitations, or poor customer service.

Examples:

1. Limited market presence

2. Inefficient supply chain
3. Lack of innovation or outdated technology

Opportunities (External):
Opportunities refer to favorable external conditions that the company can exploit to its
advantage. These may come from market trends, new technologies, regulatory
changes, or shifts in consumer behavior.

Examples:

1. Expanding into new markets

2. Emerging technology or industry trends
3. Changes in consumer preferences or demands

Threats (External):
Threats are external challenges or obstacles that could negatively impact the business.
This could include factors like intense competition, economic downturns, regulatory
changes, or changing customer behavior.

Examples:

1. Increased competition
2. Economic recessions
3. Changing regulations or laws

18. Concept of Ansoff growth Matrix.

The Ansoff Growth Matrix is a tool that helps businesses decide how to grow. It
shows four ways a company can expand, based on whether they want to sell new or
existing products in new or existing markets. Here's a simple breakdown:

The Four Growth Strategies:

Market Penetration (Sell More of Existing Products in Existing Markets):

1. What it is: Trying to sell more of what you already have to your current customers.
2. Example: A store offering discounts to increase sales of their current products.

Product Development (Create New Products for Existing Markets):

1. What it is: Developing new products to sell to the same customers.

 2. Example: A smartphone company launching a new model of their phone for their
current customers.

Market Development (Sell Existing Products in New Markets):

1. What it is: Taking your current products and selling them in new markets or to
different groups of people.
2. Example: A local restaurant opening new branches in other cities.

Diversification (Create New Products for New Markets):

1. What it is: Creating new products and selling them to new customer groups. This is
the riskiest option.
2. Example: A clothing brand starting to sell cosmetics.

Why It's Useful:

 It helps companies figure out how they can grow.
 It shows the risks involved in each strategy.
 It helps businesses decide where to put their efforts and resources for expansion.

20.Concept of PESTEL Analysis.

PESTEL Analysis is a tool used to understand the big-picture factors outside a
business that can affect how it operates. It looks at six key areas:

Political:
How government actions and policies affect the business, like taxes, regulations, or
trade laws.

Example: A change in government tax laws that affects company profits.

Economic:
Factors like inflation, interest rates, and the overall economy that influence how much
money people spend and how businesses operate.

Example: If inflation rises, people might spend less, affecting sales.

Social:
Changes in society, such as customer preferences, cultural trends, and demographic
shifts.

Example: A growing trend for healthy eating could increase demand for organic
food.

Technological:
New technologies or innovations that could change how businesses work or how
products are made and delivered.
Example: The rise of smartphones changed how businesses reach customers through
apps and websites.

Environmental:
Issues related to the environment, like climate change or sustainability, that could
impact business operations.

Example: A company might need to adopt more sustainable practices to meet

environmental regulations.

Legal:
Laws and regulations that a business must follow, such as health and safety laws or
labor laws.

Example: Changes in minimum wage laws can affect how much a company pays
employees.

Why it's Useful:

PESTEL helps businesses spot potential opportunities and threats in their external
environment so they can plan better and avoid surprises. It’s like keeping an eye on
the bigger world around the business to stay ahead of any changes.