Exam 7: Product Design and Development

Launching a "new-to-the-market" product is very risky but can be very profitable.

To estimate sales of jogging shoes to joggers over age 65 living in Florida, you would determine your share of the athletic shoes sold in the U.S.

Aware that new products need to be protected from competitors, BetterBuilt management knows that they're more likely to be granted patents if they're new and not obvious and boast some utility.

A niche is a widely defined group of potential customers with a fairly broad set of needs.

The project team will rely on feedback to decide what a product will look like.

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

What is a market?

Woody Allen once said, "If you're not failing every now and again, it's a sign you're not going to be very profitable."

When you buy a product and get a receipt, you are receiving a form of ownership utility.

A(n) _____ protects an idea from being stolen by someone else.

Applications for patents usually move very quickly through the U.S.Patent and Trademark Office.

In coming up with a product idea, you should ask "what do I want to sell."

A family?style, dine-in restaurant is best characterized as a _____ business.

In such activities as greeting customers, seating them, taking their orders, cooking their food, and serving them, Connie's staff is providing _____.

___________is an example of ownership utility.

Courtney Kennedy has just secured a new U.S.patent for her company.Research has shown that the product has appeal in four other countries.To be properly protected in foreign markets, Courtney must:

An idea turns into business success when it has commercial potential.

To analyze the market to see whether you should go forward with the development of a new product, you should answer all of the following questions except:

An idea turns into a business opportunity when: