NPTEL Product and Brand Management Week 2 Assignment Answers 2024
1. Statement 1: Minimum marketable product (MMP) is a version of a product with just enough features to be usable by early customers (early-adopters) who can then provide feedback as quickly as possible, which they can use to iterate and improve for future product development. It offers all the benefits that an MVP offers
Statement 2: Minimum viable product (MVP) is a product that has the simplest features yet is made more presentable to be launched in the market.
- Both statements are false.
- Statement 1 is True, and Statement 2 is false.
- Both statements are true.
- Statement 1 is False, and Statement 2 is True.
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2. Match the product terminologies in Table 1 with their correct descriptions in Table 2.
- I – C, II – B, III – A
- I – A, II – B, III – C
- I – B, II – A, III – C
- I – B, II – C, III – A
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3. Product Life Cycle (PLC) has four premises. Which of the following is NOT one of them?
- Products have an unlimited life.
- Product sales pass through distinct stages, each stage has different implications for the seller.
- Profits from the product vary at different stages in the life cycle.
- Products require different strategies at different stages of the life cycle.
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4. Select the tasks that fit the definition of Product Management given below.
“According to The Association of International Product and Marketing Managers, Product management is the process of _______ products from the market.”
- Adopting
- Conceiving
- Planning
- Commercializing
- Developing
- Testing
- Managing
- Globalizing
- Launching
- Delivering
- Withdrawing
- Integrating
- Supervising
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5. Identify the names of levels X, Y, and Z in the Customer Value Hierarchy.
- Core Product, Expected Product, Potential Product
- Generic Product, Bundled Product, Advanced Product
- Potential Product, Expected Product, Generic Product
- Core Product, Bundled Product, Potential Product
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6. Match the products in Table 1 with the most appropriate examples in Table 2.
- I – C, II – B, III – A
- I – A, II – B, III – C
- I – B, II – A, III – C
- I – B, II – C, III – A
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7. As discussed in class, services differ from goods in several distinct ways. Which of the following is not one of these characteristics?
- Intangibility
- Inseparability
- Homogeneity
- Perishability
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8. Which of the following statements about the expected product is true?
- The expected product or expected benefit is the central benefit or purpose for which a consumer buys a product.
- The greater a company meets the expected product level, the sustainable is a brand of a company.
- These become the means of evaluating alternatives for a customer.
- The marketer prepares an expected product that exceeds customer expectations.
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9. Statement 1: Convenience Goods are purchased frequently, immediately and with minimal effort.
Statement 2: Shopping Goods are the goods that consumer characteristically compares on such bases as suitability, quality, price, and style.
Statement 3: Unsought Goods have unique characteristics or brand identification for which enough buyers are willing to make a special purchasing effort.
- All the statements are True.
- Statement 1 and Statement 3 are true, and Statement 2 is false.
- Statement 1 is False, and Statement 2 and Statement 3 are True.
- Statement 1 and Statement 2 are true, and Statement 3 is false.
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10. Which of the following statements about product differentiation is false?
- To be branded, products must be differentiated.
- Differentiation can be achieved through physical attributes such as features, form, and style.
- Physical Difference is important which is the reason for organizations focusing on research on design and design thinking.
- Forms, features, performance quality, and quality of conformance are few of the aspects of product differentiation.
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