Exam 7: Product Design and Development

All of the following are necessary criteria for obtaining a patent except:

To research an industry,you begin by looking at smaller sectors of the industry.

By making liquid refreshment available when it's needed,a concessionaire selling bottled water at a summer concert is creating time utility.

The key to coming up with a great product idea is finding a product you are passionate about.

To decide what new products to come out with or what old products to improve,businesses rely on:

A physical model of a product is called a ramp-up.

Using _____ analysis allows you to determine the level of sales that you must reach in order to avoid losing money.

The ramp-up stage of the product development process is used to identify any needed design changes.

If your proposed business was a frozen yogurt store in Michigan,you could get an estimate of the number of customers you might have if you asked those leaving a bakery in California if they'd buy frozen yogurt in the winter.

An industry is a group of related businesses.

An idea turns into a business opportunity when:

Seth Gordon,marketing consultant and author,refers to truly remarkable products as "jackpots."

After identifying a group of potential customers,your next step is to _____.

When a Domino's delivery person brings a pepperoni pizza to your dorm room,this is an example of _____.

Which of the following is not an approach commonly used by medium and large organizations to identify product development opportunities?

Contribution margin per unit is the excess of revenue per unit over fixed cost per unit.

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. -The food and beverages that Connie's serves are best classified as _____.

To come up with good businesses ideas you should do all of the following except _____.

Which of the following is not a risk in developing a profitable product.

The selling price per unit minus the variable cost per unit is called _____.