Q.
(a) Explain the 5 product levels within the hierarchy of customer value (10 marks)
(b) Elaborate the nature of the demand requirements for new property product that prospective customer would expect in which the marketing manager has to consider (15 marks)
(25 marks, 2022 Q3)
A.
(a) 5 product levels within hierarchy of customer value.
Repeat of 2019 Q3 (a)
(b) Nature of the demand requirements for new property product.
This question is about development of new product by a property firm, similar to phases of new product development, however specifically asking about the nature of product demanded by the market.
You may write the whole process like above, and not pointing out the demand side of the market, which is also not able to answer the question well.
Hence, the better way is to:
Research - what are the products that are demanded by the market, this is done by market research. Collect information by doing sampling of population who are potential buyers, by interview and questionnaire.
Draw or build a prototype - having conceived the idea of what market demands, build some form of model or prototype to go back to the market and research again.
Confirmation of prototype - retesting the prototype to confirm the finding that certain features are in demand.
Budget analysis and product enhancement - building the real product will require much investment. The market analysis has to prove that this is a viable launch of new product.
(The question is kind of twisted here and there, so the meaning might be wrongly construed. It would be better to read the Bahasa Malaysia translation to better understand what this question really means, before you answer the question).
Ref:
[X] own account.