product
What is the purpose of a product planning form?
To create a clear strategy and framework for the product's journey from idea to market and beyond.
How does market demand influence pricing decisions?
High demand can lead to premium pricing, while low demand might necessitate discounts.
What is a data distribution?
Describes how data points are spread across a range of values.
What is the difference between secured and unsecured loans?
Secured loans require collateral (like a house or car) to back the loan, meaning the lender can seize the asset if you default on payments.
Unsecured loans are not backed by collateral and rely on your creditworthiness, such as your credit score and history.
What is the basic definition of promotion in marketing?
It refers to any type of marketing communication used to inform target audiences of the relative merits of a product, service, brand, or issue persuasively.
What are some key pieces of information typically included in a product planning form?
Essentially a roadmap for your product, typically includes information that guides the creation, launch, and ongoing management of a product or service.
Describe the role of competition in pricing strategies.
Businesses often adjust their pricing based on competitor pricing to remain competitive or differentiate themselves.
What are the two main types of data distributions?
Discrete and continuous.
How do interest rates affect borrowing?
Interest rates are essentially the cost of borrowing money.
Higher interest rates lead to higher borrowing costs and monthly payments.
What are the four main types of promotion, also known as the promotional mix elements?
Advertising, Sales Promotion, Public Relations, and Direct Marketing.
Why is it important to clearly define the problem a product solves in the planning form?
It ensures focus, alignment, and effective resource allocation.
Explain the concept of price elasticity of demand.
It measures how sensitive customer demand is to price changes.
Give an example of a discrete variable.
The number of students in a class
What is a credit score and why is it important?
A credit score is a numerical rating reflecting an individual's likelihood to repay debt.
A higher score generally indicates a lower risk to lenders, making it easier to qualify for loans and potentially lower interest rates.
Why is promotion important for businesses?
To increase brand awareness, create interest, generate sales, and build customer loyalty.
Who are the main stakeholders who would use or contribute to a product planning form?
Internal Stakeholders,External Stakeholders.
What are the pros and cons of using charm pricing (e.g., $9.99 instead of $10.00)?
It can create a perception of a lower price, potentially increasing sales, but might erode perceived value if overused.
Give an example of a continuous variable.
Height is a good example
What are the key factors to consider when getting a mortgage?
The size of the loan, interest rate, closing costs, Annual Percentage Rate (APR), loan term, and whether the interest rate is fixed or adjustable are important factors.
It's crucial to assess your affordability, not just what you qualify for.
How do businesses choose the right promotional mix?
By considering their target audience, product characteristics, budget, objectives, and competitor's actions.
What's the difference between a product plan and a go-to-market plan?
A product plan focuses on the what and why of a product, while a go-to-market (GTM) plan addresses the how and where of getting that product to customers
How often do most stores change their prices?
Weekly
What shape does a normal distribution take?
A symmetrical, bell-shaped curve
How do mutual funds and exchange-traded funds (ETFs) differ as investment vehicles?
Both pool money from investors for diversification.
Mutual funds are typically managed by professionals and may focus on various securities.
ETFs are traded on exchanges like stocks and are often designed to track an index, usually with lower fees than actively managed funds.
How can businesses measure the effectiveness of their promotions?
By setting clear objectives, tracking relevant metrics (like reach, engagement, conversion rates), analyzing traffic and sales, reviewing redemptions, monitoring lead quality, and conducting customer surveys.