Question 1

Intangible products exist in the synchronous moments of ______.&#10;A) experiences and ideas&#10;B) production and consumption&#10;C) development and enhancement&#10;D) connectivity and capabilities

Accepted Answer

Intangible products, unlike physical goods, are consumed at the same time they are produced, making the moments of production and consumption synchronous. This characteristic is fundamental to services and digital products, where the production process and the consumption by the end-user occur simultaneously.

Question 2

All of the following are SaaS Services EXCEPT ______.&#10;A) DropBox&#10;B) Zoom&#10;C) Uber&#10;D) Google apps

Accepted Answer

Uber is not a SaaS service as it is a mobile app platform that connects riders with drivers for transportation services, while the other options are all examples of SaaS services.

Question 3

Which of the following is a useful tool to identify a core product?&#10;A) Bain's Elements of Value&#10;B) Forrester's Empowered Customer Segmentation Framework&#10;C) Jobs-To-Be-Done Theory&#10;D) Porter's Five Forces Model

Accepted Answer

Jobs-To-Be-Done Theory is a useful tool to identify a core product. It focuses on understanding customers' needs and desires and identifying the job that they want to accomplish, which helps to determine the core product that can effectively solve their problem.

Question 4

Which of the following products are not considered substitutable?&#10;A) shopping products&#10;B) specialty products&#10;C) convenience products&#10;D) unsought products

Accepted Answer

Specialty products are not considered as substitutable because they are unique, high-priced, and not readily available everywhere. Customers are willing to go out of their way to purchase these products and are less likely to switch to alternatives.

Question 5

Product development can be valuable in all of the following circumstances EXCEPT when ______.&#10;A) customers develop brand loyalty&#10;B) flagship products are successful&#10;C) market trends change&#10;D) localities demand specific tastes

Accepted Answer

Product development is important in all circumstances except when customers develop brand loyalty because in this case, customers are already committed to the product and making changes may have negative consequences.

Question 6

Which company does not market product ecosystems?&#10;A) Facebook&#10;B) Apple&#10;C) Amazon&#10;D) Dell

Accepted Answer

Dell is primarily a hardware company and does not focus on creating product ecosystems like Facebook, Apple, and Amazon.

Question 7

Which type of innovation introduces &#34;new to the world&#34; products?&#10;A) social innovations&#10;B) discontinuous innovations&#10;C) disruptive innovations&#10;D) continuous innovations

Accepted Answer

Discontinuous innovations refers to introducing products that are entirely new to the world. Examples of discontinuous innovations include the personal computer or the smartphone.

Question 8

Which one of the following is NOT a characteristic of the scrum method?&#10;A) incremental improvements to existing products&#10;B) complex problem solving through creative and adaptive teamwork&#10;C) lean development&#10;D) Kanban

Accepted Answer

The answer of Which one of the following is NOT...

Question 9

What does the design-to-value process use to ensure objectivity?&#10;A) product research data, competitive intelligence, and cost analysis&#10;B) consumer research data, artificial intelligence, and statistical analysis&#10;C) product research data, artificial intelligence, and statistical analysis&#10;D) customer research data, competitive intelligence, and cost analysis

Accepted Answer

The design-to-value process uses customer research data to understand their preferences, competitive intelligence to stay up-to-date with market trends, and cost analysis to ensure the product is priced competitively. Artificial intelligence and statistical analysis may be used to analyze data, but they are not the core components of the design-to-value process. Therefore, option D (customer research data, competitive intelligence, and cost analysis) is the best choice.

Question 10

What does the design-to-cost component of strategic product value management safeguard?&#10;A) brand equity and margins&#10;B) margins and profitability&#10;C) primary demand and brand equity&#10;D) profitability and primary demand

Accepted Answer

The design-to-cost component of strategic product value management ensures that the product is designed within a specific cost boundary to maintain margins and profitability. Thus, option B is the correct answer. Options A, C, and D are incorrect because they do not cover the primary purpose of the design-to-cost component.

Question 11

Which stage of the product life cycle will experience increased sales and new competition?&#10;A) introduction phase&#10;B) growth stage&#10;C) maturity stage&#10;D) decline

Accepted Answer

The answer of Which stage of the product life cycle...

Question 12

Which type of positioning, in the maturity stage of the product life cycle, associates a product with a different category?&#10;A) reverse positioning&#10;B) differentiated positioning&#10;C) breakaway positioning&#10;D) stealth positioning

Accepted Answer

The answer of Which type of positioning, in the maturity...

Question 13

Which adopter category represents the smallest percentage of the population?&#10;A) early adopters&#10;B) early majority&#10;C) innovators&#10;D) laggards

Accepted Answer

The answer of Which adopter category represents the smallest percentage...

Question 14

Which of the following is not a factor that drives product adoption?&#10;A) compatibility&#10;B) observability&#10;C) trialability&#10;D) complexity

Accepted Answer

The answer of Which of the following is not a...

Question 15

What motivates innovators and early adopters to be among the first to acquire an innovation?&#10;A) product scarcity&#10;B) social proof&#10;C) media hype&#10;D) decreased risk

Accepted Answer

The answer of What motivates innovators and early adopters to...

Deck 6: Creating Value: Products and Services