Question

Answer these n your words: (make sure the answer is correct %100)

1. Differentiate products and services, giving one example for each and listing their respective attribute.

2.List the stages of the new product development process.

3.Present the different product classification under Industrial products

Task 2:

In which stage of the product life cycle Tesla smart cars are? Justify your answer.

Answer 1

1)Differentiate between product and service

Product is tangible and service is intangible. The benefits provided will be the same but the key difference is this. A product can be owned and the ownership can be transferred but the service is not owned and it is stationary with ownership. The product have a shelf life but the service don't and product is returnable while service cant.

examples:-

• product:- chocolate is tangible product which can be transported and have the right to ow. Along within it have a fixed shelf life. Attributes are physical existence, size, color, weight, odour, quantity, composition etc.
• service:- Teaching is a service and is a perfect example for it. It cannot be measured and do not have a fixed shelf life. The claim of ownership do not occur with the teaching service. Attributes are quality, reliability, price, safety test scores etc

2)New product development stages are:-

• idea generation
• idea screening
• testing concept
• business analysis
• development of product
• test marketing
• commercialization
• market performance review

3) Industrial product classification:-

Industrial products are classified as the method by which it enters the production process.

4) Tesla smart car is in the growth stage of product lifecycle. The profit is increasing and revenue along with sales is getting into maturity stage. It faces a long list of competitors.