Exam 10: Product Design and Development

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 _____.

Which of the following venture is riskiest

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

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

Which of the following is/are approaches used to forecast demand for a product

A street vendor selling hotdogs outside an office building is creating place utility.

Identify eight major questions to ask when assessing competition.

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

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.

Identify the seven steps in the product development process.

You can protect your rights to your idea with a patent.

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.

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

A product is something that can be marketed to customers because it provides them with a benefit and satisfies a need.

The breakeven point in units is calculated using this formula: fixed costs divided by contribution margin per unit.

Once you receive your patent from the U.S. Patent and Trademark Office, it is good around the world.

A _____ business offers such products as haircuts or taxi rides.

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. -The product development process at BetterBuilt begins and ends with the evaluation of opportunities and selection of the best product ideas.

Computers provide great assistance in designing products.

Peggy Deardon's DVDs classifies its rental movies according to categories such as "Action," "Comedy," "Foreign," "Children's," and so on. Which of the following is Peggy Deardon's primary standard for segmenting its market