4.1. Explain the terms Products, Services, and Experiences (3 marks) 4.2. What d

Question

4.1.  Explain the terms Products, Services, and Experiences (3 marks)

4.2.   What do you understand by Levels of Product and Services (2 marks)

4.3.  Identify and explain The new-product development process (3 marks)
  
4.4 Briefly describe Product and service attributes (2 mark)

5.1. Explain Price adjustment strategies

5.2. Describe new product pricing strategies

5.3. Explain the nature of marketing channels and value creation

5.4. Describe Retailing Wholesaling

Note: With precise and on the point answers with specific examples

Explanation / Answer

4.1. Explain the terms Products, Services, and Experiences (3 marks)

4.2. What do you understand by Levels of Product and Services (2 marks)

Levels of product and services helps the company to better understand the offering and hence make informed decisions about the targeting and segmentation of the market for launching the product or service. Levels define what is actually offered in the form of product or service. The three levels of product and services are core benefits, the actual product, and the augmented product offerings.

4.3. Identify and explain the new-product development process (3 marks)

New Product Development is the complete process by which any new product offering is brought to the market. It is an eight step detailed process:

4.4 Briefly describe Product and service attributes (2 marks)

Product and service attributes are the factors that define the product or the service offerings like the product or service quality, features and design.

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