Question 1

What is a niche?

Accepted Answer

A niche is a narrowly defined group of potential customers with a fairly specific set of needs.

Question 2

For every successful product, a company has _____failures.

Accepted Answer

A) 25 
B) 4 
C) 12 
D) 35 
A) 25 
B) 4 
C) 12 
D) 35 C

Question 3

Of the following, _____ is the best example of a company's proprietary information.

Accepted Answer

A) store location 
B) sales volume 
C) advertising strategy 
D) production equipment 
A) store location 
B) sales volume 
C) advertising strategy 
D) production equipment B

Question 4

The majority of product ideas come from _____.

Accepted Answer

A) medium-size organizations 
B) large organizations 
C) marketing consultants 
D) small businesses and entrepreneurs 
A) medium-size organizations 
B) large organizations 
C) marketing consultants 
D) small businesses and entrepreneurs

Question 5

Scenario-Based
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?

Accepted Answer

A) 3 million joggers who are 65 or older 
B) 600,000 joggers who are 65 and older and live in Florida 
C) 20% of those who retire move to Florida 
D) You estimate that your sales will increase by 25% in year 2. 
A) 3 million joggers who are 65 or older 
B) 600,000 joggers who are 65 and older and live in Florida 
C) 20% of those who retire move to Florida 
D) You estimate that your sales will increase by 25% in year 2.

Question 6

A _____ is a physical model of a product.

Accepted Answer

A) ramp up 
B) CAD scan 
C) prototype 
D) product type 
A) ramp up 
B) CAD scan 
C) prototype 
D) product type

Question 7

To get some idea of the total market for products like the one you want to launch, you could begin by _____.

Accepted Answer

A) looking at styles advertised in magazines 
B) going to a busy store and seeing what people are buying 
C) asking your friends what they think is popular 
D) examining pertinent industry research 
A) looking at styles advertised in magazines 
B) going to a busy store and seeing what people are buying 
C) asking your friends what they think is popular 
D) examining pertinent industry research

Question 8

Entrepreneur and marketing consultant Seth Goodin refers to truly remarkable products as _____.

Accepted Answer

A) outstanding products 
B) cash cows 
C) winners 
D) purple cows 
A) outstanding products 
B) cash cows 
C) winners 
D) purple cows

Question 9

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

Accepted Answer

A) Make sure the product performs and appeals to consumers 
B) Get feedback to refine the product concept 
C) Design with manufacturing in mind 
D) Build and test prototypes 
A) Make sure the product performs and appeals to consumers 
B) Get feedback to refine the product concept 
C) Design with manufacturing in mind 
D) Build and test prototypes

Question 10

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

Accepted Answer

A) contribution margin per unit 
B) the breakeven point in units 
C) survival price 
D) fixed price 
A) contribution margin per unit 
B) the breakeven point in units 
C) survival price 
D) fixed price

Question 11

Describe breakeven analysis.

Accepted Answer

Breakeven analysis is a way to figure ou

Question 12

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

Accepted Answer

A) Need to make many trade-offs (often between quality and cost) 
B) Must make hundreds of decisions under extreme time pressure 
C) Being the first to market (which is vital) requires large sums of money 
D) All of the above are true 
A) Need to make many trade-offs (often between quality and cost) 
B) Must make hundreds of decisions under extreme time pressure 
C) Being the first to market (which is vital) requires large sums of money 
D) All of the above are true

Question 13

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

Accepted Answer

A) service 
B) physical good 
C) component 
D) intangible item 
A) service 
B) physical good 
C) component 
D) intangible item

Question 14

Identify and discuss three approaches that you can be used to forecast demand for a proposed product.

Accepted Answer

There are several possible approaches th

Question 15

If you ordered french fries with your hamburger and were given a raw potato instead, the restaurant failed to provide you with form utility.

Accepted Answer

A) True 
 B)False

Question 16

What is the contribution margin per unit?

Accepted Answer

A) $160 
B) $ 150 
C) $70 
D) $80 
A) $160 
B) $ 150 
C) $70 
D) $80

Question 17

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

Accepted Answer

A) True 
 B)False

Question 18

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

Accepted Answer

A) True 
 B)False

Question 19

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

Accepted Answer

A) find out what they think of your product idea 
B) find funding for your product 
C) manufacture a prototype 
D) collate the industry data that you've collected 
A) find out what they think of your product idea 
B) find funding for your product 
C) manufacture a prototype 
D) collate the industry data that you've collected

Question 20

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

Accepted Answer

A) building and testing prototypes 
B) making sure that the product performs and appeals to customers 
C) getting feedback to refine the product concept 
D) designing with manufacturing in mind 
A) building and testing prototypes 
B) making sure that the product performs and appeals to customers 
C) getting feedback to refine the product concept 
D) designing with manufacturing in mind

What is a niche?

For every successful product, a company has _____failures.

Of the following, _____ is the best example of a company's proprietary information.

The majority of product ideas come from _____.

A _____ is a physical model of a product.

To get some idea of the total market for products like the one you want to launch, you could begin by _____.

Entrepreneur and marketing consultant Seth Goodin refers to truly remarkable products as _____.

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

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

Describe breakeven analysis.

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

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

Identify and discuss three approaches that you can be used to forecast demand for a proposed product.

If you ordered french fries with your hamburger and were given a raw potato instead, the restaurant failed to provide you with form utility.

What is the contribution margin per unit?

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

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

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

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

The Foundations of Business

Entrepreneurship

Selecting a Form of Business Ownership

Business Ethics and Social Responsibility

Managing for Business Success

Recruiting, Motivating, and Keeping Quality Employees

Operations Management in Manufacturing and Service Industries

Business in a Global Environment

Marketing: Providing Value to Customers

Operating in a Digital Marketing and Social Networking

The Role of Accounting in Business

Managing Financial Resources

Teamwork and Communications

Personal Finances

Managing Information and Technology

The Legal and Regulatory Environment of Business

Filters

Exam 7: Product Design and Development

What is a niche?

For every successful product, a company has _____failures.

Of the following, _____ is the best example of a company's proprietary information.

The majority of product ideas come from _____.

A _____ is a physical model of a product.

To get some idea of the total market for products like the one you want to launch, you could begin by _____.

Entrepreneur and marketing consultant Seth Goodin refers to truly remarkable products as _____.

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

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

Describe breakeven analysis.

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

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

Identify and discuss three approaches that you can be used to forecast demand for a proposed product.

If you ordered french fries with your hamburger and were given a raw potato instead, the restaurant failed to provide you with form utility.

What is the contribution margin per unit?

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

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

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

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

The Foundations of Business

Entrepreneurship

Selecting a Form of Business Ownership

Business Ethics and Social Responsibility

Managing for Business Success

Recruiting, Motivating, and Keeping Quality Employees

Operations Management in Manufacturing and Service Industries

Business in a Global Environment

Marketing: Providing Value to Customers

Operating in a Digital Marketing and Social Networking

The Role of Accounting in Business

Managing Financial Resources

Teamwork and Communications

Personal Finances

Managing Information and Technology

The Legal and Regulatory Environment of Business

Filters