Exam 7: Product Design and Development

A(n)_____ team consists of individuals from different functional areas assigned to work together throughout the product development process.

The first step in the product development process is to evaluate opportunities and select the best product ideas.What is the second step?

During the product development process of _____,a product development team focuses its attention on making a high-quality product at the lowest possible cost.

A patent grants you "the right to exclude others from making,using,offering for sale,or selling" the invention in the United States for 50 years.

To apply for a patent,you send an application to:

Document your idea:

In addition to being creative people,entrepreneurs are generally also ______

When Just Born reduced the piece size,added some new ingredients,and put its Mike & Ike's in pouches,this was an extension to an existing product.

Your goal is to sell jogging shoes to those 65 and other who live in Florida. Here is some information you have collected: (1) There are 3 million joggers 65 and older in the U.S. (2) 600,000 of them live in Florida. (3) Florida attracts 20% of all people who move when they retire. (4) You estimate that during your first year you will capture 2 percent of the Florida joggers who are age 65 or older. (5) You estimate that your sales will increase by 25% in year 2. -Which of the following would be used to forecast your demand for year 1?

Those costs that don't vary with quantity of goods sold are called ______.

___________is an example of ownership utility.

Which of the following is/are approaches used to forecast demand for a product?

You can even get a patent on something that is useless.

A goal of an entrepreneurial start-up includes profitability and growth.

When Just Born came out with its Peeps marshmallow Easter decorating kits the company was releasing a "new-to-the-market" product.

When Just Born extended its product line to include "Peeps in a chocolate egg," this was considered an extension to an existing product line.

Let’s say you want to open a shoe store that will specialize in high-end shoes. But before you do, you want to determine how many pairs of shoes you have to sell in the first year to break even (have no profit or loss). You also want to know what your profit will be in year two. You have been busy estimating some revenues and costs. Here is what you have so far: -How much are total fixed costs?

You have a better chance of getting your idea patented if the invention:

Which of the following statement(s)about entrepreneurs is true?

The product concept describes what the product might look like and how it might work.