Product Development.
What is the first stage of product development, when businesses generate new ideas?
What is Ideation?
What is the process of developing an identity for a business or product?
What is Branding?
During which stage is a product first introduced to customers, and the business focuses on raising awareness?
What is The Introduction Stage?
What pricing strategy sets prices based on how valuable customers believe a product is?
What is Value-based pricing?
What is the illegal agreement between competitors to set prices or limit competition?
What is Collusion?
What is a basic version of a product used to test it with customers before full production?
What is A Minimum Viable Product (MVP)?
Name two elements that can be part of a brand identity?
What is logo, colors, packaging, slogan, symbols, or design style?
During which stage do sales increase rapidly and new competitors enter the market?
What is the Growth Stage?
What pricing strategy adds a desired profit to the cost of producing a product?
What is Cost-based pricing?
What is it called when businesses unfairly raise prices on essential goods during emergencies?
What is Price gouging?
Which stage of product development determines whether customers actually want a product?
What is Validation?
What legally protects a brand name, logo, symbol, or slogan?
What is Trademark?
During which stage do sales level off and businesses focus on retaining customers?
What is The maturity stage?
A new streaming service offers low introductory prices to attract customers quickly. What pricing strategy is this?
What is Penetration pricing?
Give one example of a legal discount based on quantity, timing, or student status.
What is A bulk discount, off-peak discount, or student discount with valid ID?
A company is choosing materials, functionality, and features for a new backpack. Which stage is it in?
What is Design?
What do we call the specific group of people a brand wants to attract?
What is The target audience?
During which stage do sales fall as customers switch to newer products or substitutes?
What is the Decline Stage?
A gas station lowers its prices after a nearby competitor lowers theirs. What pricing strategy is this?
What is Competitive pricing?
Your manager asks you to secretly coordinate prices with a competitor. What should you do?
What is Refuse to participate and report the request through the appropriate management or compliance channel?
What is the process of improving a product through repeated cycles of customer feedback and updates?
What is Iteration?
Give two reasons customers might choose a branded product over a generic product.
What is trust, perceived quality, emotional connection, or brand loyalty?
A smartphone company adds new features to keep customers buying its products. What is one goal of this strategy?
What is the To extend the product's life cycle, retain customers, and remain competitive?
A product sells for $80 and costs $47 per unit to produce. What is the per-unit profit?
What is $80 − $47 = $33 per unit?
What is Why is collusion harmful to consumers? Give two reasons.
What is It reduces competition and can lead to higher prices or less consumer choice?