ONG, Matthew Rouwie O.

Product Management
BSBA MM 2-1D

CHAPTER TEST

Chapter I.

1. Define Product based from your own understanding. Differentiate tangible from intangible
product

A product primarily represents something that has been produced through labor that
business offers to the market at a cost to satisfy their needs and wants. A tangible product is a
physical entity that can be discerned through touch while an intangible product, also called
service, does not have a physical nature (can’t be touched) and can be discerned indirectly
therefore can only be experienced. 

2. What will be the effect to the seller if, before product launching—seller already identifies its
target market-according to their behavioural pattern? please list down.

If the seller already identified and studied the behavior of their consumers, it greatly
affects their comprehension as to what their customers are expecting of their products. It gives
them information on what makes their consumer purchase the product. Assessing the
behavioral pattern of the consumers can make the sellers acknowledge the interests,
preferences, likes,and dislikes for them to realize what kind of products they will release to the
market. Understanding consumer behavior is crucial for the sellers to achieve success for their
new product launching.

3. What are the functions of Marketing you remember the most significant in our daily life,
why?
 Among the functions of Marketing, for me, the most significant is Product Management. 
This function understands what I need when it comes to the adequacy of the product. Since
product management focuses on enhancement and innovation of products, it benefits me for
experiencing an easier and more efficient lifestyle. Designing and developing products and
services influences my perspective of achieving satisfaction which increases my loyalty to a
specific brand.

Chapter II.

1. Describe yourself as to what type of buyer? If you are the seller,what do you think would be
the best and effective strategy in order to get your “Yes” and therefore convinced you to buy
the product.

I consider myself a Frugalist buyer wherein I would rather choose to save my money
rather than to spend it on something. I respond less to any kinds of endorsements and
whenever I buy a product, it is controlled on how much I would spend for the day. In that kind
of sense, I don’t quench at products that are somehow grand and elegant, I prefer the quality
of the product rather than the amount and its brand. If I will be the seller to a Frugality just
like myself, here are some of the strategies that I think would work best and be effective to get
the “Yes” and convince myself to purchase the product; First is to understand that in selling to
a frugalist, time is of the essence, to appeal them, it does not happen impulsively. Second is to
take into consideration that they value their budget, so to persuade a frugal, I have to: When it
comes to presenting a promo or sales copy, I will use emotional communication that will
somehow give a negative connotation to the seller that would make him think that the product
that I’m introducing is definitely what he needs. For instance; instead of saying that “You
should buy this because it’s worth it”, I would rather say “ Secure your future through
venturing in this product”. Since frugals are objective buyers, I have to use facts such as
statistics, graphs, and valid data in order to assure them with what I’m offering. In addition,
they want to know that what they are receiving would be the best benefit for their money.
 Lastly, just be candor to all of the statements that I will convey since they want simplicity
when it comes to pricing and the presentation of the product.

4. What are the common reasons why you involved into buying? List down types of product
you usually purchase, why?

There are three simple reasons why I’m involved in buying, is that I buy products
because it is a necessity, it has lower prices, and for its good quality. The types of products
that I commonly buy are clothes and foods. I buy clothes just because it is a necessity, I do
however, purchase clothes usually in thrift shops because it doesn’t just sell items for the low
price, it also offers good quality clothes which is good since I can also keep up with the trends
out of cheaper apparels. Moreover, I buy and eat food other than the reason that I need to
consume nutrients to live, I try to eat foods that I haven’t tried yet, I like to explore what’s
more to taste and what kind of new innovations when it comes to recipes are added to every
meal. I also like to try restaurants that are not common to people and seek what kind of cuisine
they are offering.

5. How does the present situation “pandemic” affects your buying behaviour?

Our current situation in this time of the year is crucial for all of the consumers since this
“pandemic” has a great influence when it comes to every customer’s buying behavior. In my
case, during the first months of quarantine, I’ve experienced panic-buying, in those months,
alcohols, sanitizers, toilet papers, and face masks were exceedingly on high demand, many
retail stores were forced to sell those products immediately resulting for those goods to be sold
out instantly. I’ve become more conscious when it comes to utilization of my products, being
aware of my environment is what I’ve acquired during this pandemic. I also become cautious
with what items I’m buying, to prioritize more on what is necessary to buy than what is
desired. I make use of the availability of online platforms when it comes to buying essential
goods and to avoid myself going outside, risking my health. Regardless of the unfortunate
events that have happened for the past months, I think that this kind of buying behavior that
 became my habit will stick to myself even after the pandemic, since I believe that this type of
perspective, this attitude will be significant during the new normal that will come in the future.

6. What makes you satisfy after or in buying a product?

Satisfaction determines how happy we are to the products and services that businesses
offer to us customers, it is also our realization feedback - to give criticisms and to have
perception of their goods. Here are some of the reasons that make me satisfied after buying a
product. For me to become satisfied with the product that I used, I first check if it has good
quality, it is my indicator if I will purchase and use the product again. My standards of a good
quality product is that it has distinct characteristics to its competitors and has fine features to
it.  I always  check the prices of every product that I buy since I can save money and in
addition I buy goods that have an adequate price. When it comes to experiencing a service, I
look for an exceptional one wherein I feel comfortable with the sellers, they build good
rapport with me, they just don’t see me as a client but also a friend, their customer service is
excellent and they solve problems in a short period of time. If the product or service that I
purchased and experienced meets my standards and perspectives of what the product or
service is endorsing and offering, then surely, I will buy again for them.

Chapter III.
1. What are the two sources of product ideas in the NPD process

NPD or the New Product Development is the process of conducting and creating new
product to the marketplace. In NPD, you have to generate an idea to accumulate innovations
to products. In that sense, you have to be involved in assessing your sources to have an
efficient  variation to your product. The two sources of product ideas in the NPD Process are
 Internal Sources and External Sources: Internal Sources are an excellent guide to initiate
ideas. Here are the Internal Sources: First is the Research and Development, this department
leads the production of new ideas, it fabricates plans and forecasts what would the new ideas
affect to the product. It shows the technicality on the application when it comes to developing
a product. Second are the Employees, companies need to crowdsource of their employees thus
they conduct brainstorming. Employees are essential when it comes to generating new ideas
regarding to the product that will be launched. Use of technologies through employee labor is
also significant in inducing idea for the product. On the other hand, NPD process also acquire
sources in the External aspect. Businesses can also obtain information necessary for the
product development. Here are the External Sources: First are the Customers, they are the
most significant sources in creating a new product development ideas since they are the ones
who will be using it in the future. They know exactly what they want and needs. Through
them, the business will easily identify what certain features would be best added for the
product. Second are the Distributors, they work with the merchandises and retails and they can
determine consumer hindrances. They can lend creative ideas for the product development. In
addition, Suppliers can also help for gathering ideas regarding the market for making progress
for the product. Third are the Competitors, companies evaluate their competitor’s performance
transforming it as an advantage for them to help them analyze what could be their edge
against them. They consider their competitors as strengths rather than threats, in this sense,
identifying what could be missing with their production can help the business resolve what
things have to be included in the product development. 

7. Do you think brainstorming is effective during the NPD process? Why?

Brainstorming is an excellent technique that is used by businesses to generate ideas, it is

done in groups to easily resolve a certain problem. In my own opinion, brainstorming is
highly effective during the NPD Process and here are the reasons: Brainstorming supports an
open participation between different members in order to quickly produce a refined idea; for
an instance, If your manager requires a new fashion-clothing ideas for an upcoming product
launch, you’ll initiate a brainstorming assembly to begin the NPD process. As a group, you
 can gather as many ideas and proposals as you can, then you can just elaborate, revise and
filter it to get clarity of the needed idea for the product launch. Brainstorming is efficient for
team building; no one has any possession over the outcome, which empowers an outright team
effort; for example, your team was assigned to present a new type of product innovation
strategy for the whole year that would stretch the reach of the target market, so you announce
for a meeting fo a brainstorming meeting that will guide you to come up with a list of new
types of product innovation. Every member will submit their own ideas regarding the product
innovation which then be added to the main list for planned opportunities for the assigned
strategy. Lastly, Brainstorming helps every member to be relaxed and confident when
throwing each other’s ideas off, and it also helps them to speak for what the want to say
comfortably, no judgments and encourages them to expand their knowledge around them for;
such as, you are already near the goal of finishing the product development process however,
your team has faced an issue with the implementation of the new application in smartphones,
since it’s a technological matter, its quite baffling to identify the root-cause of the problem. So
you commenced a brainstorming discussion which will help the team collect various
standpoints and speculations as to what the issue might be. As more outlook rises, its probable
that an agreement will manifest to form about where the source of the complication lies. From
there, you can have the resolution and you’re ready for the application launch.

8. List down the significant aspects of conducting business analysis before or during the
product development process NPD

Business Analysis helps the company identify the value required for the NPD, and
allows  them to forecast the success or failure of the product based on the gathered data in
future financial years. Conducting business analysis is important before or during the product
development process NPD. Here are the significant aspects of it; Applied Requirements
Become Understandable, through perseverance and commitment in forming your business’s
demands and goals clear and accurate, the applied requirements are also comprehensible.
Consequently, the possibility of experiencing failure with the development of the product will
decrease. Second is business analysis Saves the Business Time, the clearer the product
requirements are, the lesser your waste of effort to assign tasks to the developers what are
 needed to be adjusted and modified, and anticipating for them to establish the alterations
during the product development process. Since the amount of time for the developers to finish
the given task is lessened, the quicker they will be able to complete setting up the product.
Third is Communication Become Serene, product development would be easy going for
everyone, because from the testers, developers, managers, to owners, all of them would be in
complete agreement concerning what actions have to be accomplished. Business analysis is
the instrument for interpreting every element and features ahead of time, this means that the
likelihood of confusion during the development is much lower. Fourth is business analysis
Reduces Development Cost, if the demands are regulated and shorter time is required for
applying changes, businesses can avoid mishaps regarding the development cost and save
more capital. Lastly, it helps the business Identify the Needs of their Product that is Expected
to Satisfy, this explains that businesses should be assertive with their target audience and their
involvement to the product, the probability of facing bankruptcy is minimized. In conclusion,
business analysis is a beneficial way for assuring that the finished product will be exceptional
in quality and affluent among the consumers in the market.

9. How important is product design towards product acceptance in the market?

Product design is recognized to influence consumers deliberately. It helps businesses to

match the needs and wants of the consumers to the product to make the brands consistently
thriving. It is also a process of determining opportunities, identifying the product problems,
developing solutions for different issues and authenticating the solutions. I’ll explain how
significant is product design towards product acceptance in the market. First is product design
Produce for Satisfaction, most of the consumers personally use every goods that they
purchased, this shows that these products ensured convenience for them since it makes their
lives much easier. The pivotal way to make the consumers accept the product design is to
present a product which won’t make the customers feel hassle or to mislead them with
complicated processes - or else, the business will be disregarded in an instant. Second is
product design Envisions the “Wow” Factor, this moment signifies that the customers are
enamored with the business’s product. The key is to learn the essence of prototyping wherein
 it is the trademark that the business as the creator perceived, and it is that specific detail that
will make the customers accept the business’s product and entices them to like the product.
Third is in product design, it doesn’t have to be overplayed, product designers just want the
product to be Simple. In this sense, the business is granting the customers a freedom to feel
somewhat frivolous in using the product. This means that product designers are creating a
feature that will make the customers engage with the product in a simple manner , and it
guarantees the business to impart easy to grasp details of how the product actually works.  In
order to pinpoint what hinders the customers on fully comprehending the product, the business
should test the product to various people and identify the problem that creates impediment for
the users.  Lastly, in product design, it is important to be aware of the Trends. Product
designers also discern the gap that needs to be fixed. For example, the trend now is how the
pandemic affects the consumers, in a span of days, the demand drastically shifts. The
demanded products suddenly became great money makers so every product design business
broke into overuse to fill the instant demand for the products. Always prioritize on how to
make the lives of every consumer easier and better.
10. Which among the things discussed in Chapter-3 you related the most? Why?

Among the topics discussed in Chapter 3, I relate to Product Testing the most. Product
Testing allows the business to lead the product to life to know if the product that has been
made will fit the standards of the market. Product Testing makes me realize that it is okay to
fail, it helps me to grow and mature, it changes the way I see life, and I’m glad that I fail since
those frustrations made me who I am now. Failures shape what I’m worth, my values were
redefined. I fail because I make my ego run my life, and once I experienced failure, it changed
me, it forces me to look life in a different picture, in a bigger angle, it made me stop thinking
and focusing on myself and compelled me to become more understanding to people, to be
more aware to my surroundings. Just like product testing, I will not be able to become the
person I wanted to be if I don’t take risks and don’t experience failure. Facing failures means
that there is something that I should change, something that I should do better, and something
that I should develop. It made me realize that in failing, I am also feeling success, I feel
triumphant in a way that I recognize what is wrong within me and what has to be done to
make things right. Lastly, product testing teaches me to learn to never give up, strive to be
better, the moment that I can grasp success, it just makes me feel hungry for more goals, more
inspirations and motivations. No matter how many people doubted my abilities, I just kept
moving forward and focusing on what I want in life, to do best. In my own perspective, it
doesn’t matter how small the steps that I take, how slow the progress I make, what matters is
that I don’t stop.