GENERAL KNOWLEDGE

Detailed explanation-1: -Product-related issues are more complicated when our scope includes the company’s full portfolio. Supervising product line managers’ responsibilities are to focus, and brand manager’s responsibilities are to oversee entire portfolios.

Detailed explanation-2: -The initial stage of the product development process begins by generating new product ideas. This is the product innovation stage, where you brainstorm product concepts based on customer needs, concept testing, and market research.

Detailed explanation-3: -Search qualities are the attributes that may be evaluated prior to purchase, as the customer learns about the competitive offerings. For example, when you go to a department store to purchase socks, you can just look at a pair and know before buying them whether you’ll like them.

Detailed explanation-4: –companies can make the mistake of being myopic when they define their core business, focusing on their product offerings (e.g., “We sell laptops"), instead of recognizing that their true goal is offering benefits and value to their customers (e.g., “We sell IT solutions").

Detailed explanation-5: -Credence qualities are those that are difficult to judge, even post-consumption. Goods are dominated by credence and experience qualities, and services are mostly comprised of experience and search qualities.