Exam 7: Product Design and Development

A company plans to forecast its sales for high-end kitchen appliances sold wholesale to home remodeler contractors in the Lehigh Valley.What would their expected annual sales be based on the following information: 150,000 existing households and 20,000 new construction;average remolded home spends $3000 in appliances;company expects 10% of the households to perform a kitchen remodel project in the next 12 months with 50% using a contractor and 50% doing it themselves.The company hopes to capture a 10% market share their first year.

When a soap manufacturer adds liquid soap to its product line,the manufacturer is providing which type of utility?

An example of place utility would be:

Connie’s is a regional chain of family style restaurants in the Midwest. Over the years, Connie Sedgewick has been an innovative, hard working businessperson who’s expanded her business to 15 locations in four states. A “calling card” of her restaurants is the superior customer service provided by the entire staff and the ability to add and change menu items for local customer preferences. Connie has a good working relationship with suppliers, employees, and customers and a good reputation in the communities where she does business. -A family style,dine-in restaurant is best characterized as a _____ business.

Which of the following is the smallest division of customers?

According to the Small Business Administration,10% of all new product innovations come from small businesses.

The PowerSki Jetboard is best characterized as a(n)_____.

A product concept:

Individuals from different functional areas who are assigned to work together throughout the product development process are known as the operations team.

Most entrepreneurial decision making can be improved by using knowledge gained from personal experience.

BetterBuilt Products, a large machine shop in the Pacific Northwest, employs 138 people in design, accounting, sales, purchasing, production, and delivery. The company’s machined products are of the highest quality, production almost always stays “on track,” and delivery generally meets or exceeds customer expectations. Management regularly looks for ways to improve effectiveness and efficiency of operations by reducing production/cycle time and cutting costs. -BetterBuilt provides time and place utility but not form utility.

Courtney Kennedy has just secured a new U.S.patent for her company.Research has shown that the product has appeal in four other countries.To be properly protected in foreign markets,Courtney must:

If a footwear maker's latest jogging shoe is considered a "purple cow," the line has _____.

In coming up with a product idea,you should ask "what do I want to sell."

On average,for every successful product developed by a company,the company has five failures.

On the surface,data published by industry associations seems helpful in estimating sales for your proposed business.But the data is often old and not very helpful.

Woody Allen once said,"If you're not failing every now and again,it's a sign you're not going to be very profitable."

____ is one of the hardest tasks in business.

Customers buy products to satisfy _____ needs and expect to derive some value or _____ from them.

Aware that new products need to be protected from competitors,BetterBuilt management knows that they're more likely to be granted patents if they're new and not obvious and boast some utility.