Scribd Logo
Upload

Welcome to Scribd!

  • 3 views

    In Your Own Words Discuss

    Uploaded by

    himangi sharma

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    In Your Own Words Discuss

    Uploaded by

    himangi sharma
    3 views1 page

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    3 views1 page

    In Your Own Words Discuss

    Uploaded by

    himangi sharma

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 1

    In your own words discuss (briefly) the stages of the buying process.

    What role does


    successful Product Development play in each stage? Are there some stages where it plays a
    more crucial role?

    What is the difference between PRICE and VALUE? How does Product Development impact
    each?

    Price refers to the monetary amount to be paid against purchasing a product or acquiring a
    service. Price is the financial cost associated with the purchase. Whereas Value represents
    worth or utility a costumer perceives in a product. Further, it can be said that value is what the
    customers believes he is getting in return for the price paid for the purchase. Therefore, price
    represents the financial cost of a product while value reflects the perceived benefits and utility
    derived from it.

    Product development directly impacts both price and value. Price of a product depends upon
    factors like the choice of materials, manufacturing process, and much more which directly
    affects the production costs. Therefore decision made on such factors while product
    development directly impacts the price of the product. Whereas product development can
    enhance the value of the product in the targeted market though creating psychological and
    individual influences about a product.

    Review the analytical tools mentioned in your debrief with the "team." Select any two and
    explain how they helped you to better understand your performance on this mission.

    Two analytical tools are “Combined preference ratings and positioning statements”. Combined
    preference ratings tool helps in understanding which attribute are most valued through
    analyzing relative importance of various characteristics in different market segments.
    Particularly in my mission it helped me to understand the customer demands analytically
    through rating attributes like capacity, comfort, waterproofing, durability, and eco-friendly.
    Further, comparing the combined preference with the average price. This product

    You might also like