Exam 10: Product Design and Development

You can protect the rights to your idea with a _____.

In an effort to make its food healthier, McDonald changed the way it made its french fries. This is an example of a:

The key to coming up with a great product idea is finding a product you are passionate about.

What is a market

To get a patent your idea must be new, not obvious and have utility.

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

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

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

For every successful product, a company has _____failures.

Describe breakeven analysis.

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

What criteria must an invention meet to be patentable

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

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

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.

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: -If you end up selling 12,000 pairs of shoes the first year, how much profit will you make

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

If a footwear maker's latest jogging shoe is considered a "purple cow," the line has _____.

SCENARIO-BASED BetterBuilt Products, a large machine shop in the Pacific Northwest, employs 138 people in design, accounting, sales, purchasing, production, and delivery. The company’s machined products are of the highest quality, production almost always stays “on track,” and delivery generally meets or exceeds customer expectations. Management regularly looks for ways to improve effectiveness and efficiency of operations by reducing production/cycle time and cutting costs. -A project team is formed at BetterBuilt when management assembles personnel from different functional areas to work together throughout the product development process.

Which of the following is a market segment