Exam 7: Product Design and Development

Talking to people in your prospective industry can be especially helpful if your proposed product is a service.

To be granted a patent, a product must have some value.

The majority of product ideas come from entrepreneurs and small business owners.

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

_____ costs are those that vary, in total, as the quantity of goods sold changes but stay constant on a per unit basis.

Scenario-Based 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 _____.

Businesses in the same industry don't generally compete with each other.

Breakeven point in units is the excess of revenue per unit over variable cost per unit.

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

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

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

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

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.

By making Christmas decorations available the day after Thanksgiving, Holly's Holiday Shop is offering customers what kind of utility?

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

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 piece(s) of information is/are irrelevant to the problem?

What is the breakeven point in units?

All of the following are types of utility that customers value except _____.

Where do the inventors of products apply for protection against the theft of their ideas by other parties?

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