Module 2 – Preparation and Alternatives

These flashcards cover key vocabulary and concepts related to product management, including processes like concept generation and problem analysis, as well as analytical techniques for product development.

Concept Generation

A process of gathering potential ideas based on stakeholder input to create a product concept that meets the needs of target buyers.

Product Concept

A detailed description of a product that includes specifications on how it serves prospective buyers and retains their loyalty.

Idea Generation vs. Concept Generation

Idea generation is the initial brainstorming of ideas, while concept generation focuses on detailing those ideas into actionable concepts.

Advantages of Concept Generation

Includes pre-addressing customer demands and reducing chances of product failure.

Disadvantages of Concept Generation

Can lead to high competition and may not result in a feasible product despite strong customer interest.

Problem-Based Ideation

An approach that involves gathering information directly from customers about their problems to develop new product concepts.

Problem Analysis Process

A systematic approach product managers use to identify and analyze problems associated with a product.

Analytical Attribute Techniques

Methods used to create new product concepts by changing current product attributes and developing benefits to target markets.

Gap Analysis

The evaluation of the difference between actual product performance and the desired future product performance.

Perceptual Mapping

A graphical representation of how customers view different aspects of products based on specific attributes.

Determinant Attributes

Characteristics that differentiate products and are important in gap analysis.

Factor Analysis

A statistical method used to reduce a large number of attributes to a smaller number of factors for analysis.