Exam 7: Product Design and Development

An industry is a group of related businesses.

What is the estimated second-year demand for your jogging shoes?

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

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

Which of the following is a market segment?

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

To select the most promising product ideas, teams from inside the company will ask all of the following questions except:

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

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

Dan the Dog Groomer estimates that 600 poodle owners in Decatur will bring their dogs to his shop during his first year of business.Dan probably arrived at this number by trying to calculate his market share.

Scenario-Based 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: Cost (to you) per pair of shoes $80 Sales commission per pair of shoes $10 Managers' Salaries $420,000 Rent $120,000 Advertising $20,000 Insurance $16,000 Miscellaneous fixed costs $24,000 Selling price per pair of shoes $160 -How much is the variable cost per unit?

What is an industry?

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.

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

Variable costs don't change when the amount of goods sold changes.

Which of the following is the smallest division of customers?

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

Taking an online course gives you which type of utility?

Which of the following venture is riskiest?

Individuals from various functional areas who work together to design a product are called _____.