4 Product and Service Strategy Free Online FlashCards

What does a product strategy define?

A product strategy defines the value an organization intends to offer, the customers it will serve, and how it will develop, deliver, and improve the offering.

What is the core benefit of an offering?

The core benefit is the need or problem the customer wants addressed, such as a safe, restful place to stay when booking a hotel.

How does a product portfolio differ from a product line?

A product portfolio is the full set of an organization’s products and services; a product line groups related offerings.

What are the usual product life cycle stages?

The usual stages are introduction, growth, maturity, and decline.

Why use a staged new-product development process?

It helps teams identify weaknesses before committing fully to production and launch.

What is service intangibility?

Intangibility means customers may be unable to inspect a service before buying; sample lessons and clear descriptions can help make it easier to evaluate.

What makes up the actual product?

The actual product is the specific offering, including its features, design, quality, name, and packaging.

What is an augmented product?

The augmented product consists of additional services or benefits, such as customer support, a warranty, delivery, or a concierge.

Is the product life cycle a fixed timetable?

The product life cycle is a guide, not a fixed timetable: some offerings never gain traction, while others remain successful or regain demand.

What is the purpose of screening new-product ideas?

Idea screening removes options that do not fit customer needs or the organization’s capabilities.

How can new evidence affect product development?

The process need not be strictly linear: new evidence can lead a team to revise a concept or revisit an earlier decision.

What does service inseparability mean?

Inseparability means a service’s production and consumption may happen together, as when a haircut is delivered while the customer is present.