Pricing and Product Decisions

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Questions and Answers
Chapter 10
Q73
A well-developed positioning statement informs the designers about the benefits that will be delivered by a given product so that they can impute them into the product as features and attributes. To this end, product positioning indicates how a given product would be differentiated from other competing products.
Q75
One of the essential functions of packaging is protecting a product from a variety of temperature and moisture conditions and ensuring that the product is not damaged when being handled. In addition to protection, the package also plays a key role in facilitating the use of a given product. The branding process provides a promotional opportunity for a product as they serve to differentiate a given product in the market. Moreover, packaging plays a role in providing additional information about a given product.
Q77
The customer-driven approaches to innovation include co-creation. Co-creation defines a trend where a company includes customers and prospective customers in the product development process. To this end, companies provide customers with a platform where they can create the new products they require. Collective customer commitment is another customer-driven innovation approach that involves a company soliciting new ideas from its customers.
Q79
Gate 1 in the stage-gate system is the idea generation and the initial screening decisions. To this end, a company decides upon the idea to be pursued and examines the extent to which it can be considered a strategic fit for the company. The fit of the ideas is heavily dependent on the extent to which it aligns with the company and leverages the competencies of the organization. Gate 2 is the secondary screening decision. The purpose of gate 2 is to allow companies to kill a weak idea before a significant investment is made. Gate 3 is the decision on the business case. At this stage, an idea that has passed gate 2 undergoes a detailed investigati...