Exam 10: Product Design and Development

What is a market segment

Taking an online course gives you which type of utility

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

Its market share is a whole industry's portion of its target market.

An example of a "new-to-the-company" product sold by Just Born is _____.

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. -Connie has an opportunity to buy out a struggling Italian restaurant in one of her better market areas. Before taking this step, she should ask herself all of the following questions except:

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. -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.

During the product development process of _____, a product development team focuses its attention on making a high-quality product at the lowest possible cost.

An idea turns into a business opportunity when:

A _____ is a physical model of a product.

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

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. -A familystyle, dine-in restaurant is best characterized as a _____ business.

The majority of product ideas come from _____.

_____ costs are those that vary when the quantity of goods sold remains constant on a perunit basis.

The process of transforming inputs into goods and services offers value to customers by providing them with utility. Identify and describe the four types of utility that can bring value to buyers.

Those costs that don't vary with quantity of goods sold are called ______.

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

Within the footwear industry there are several groups of customers, each of which is called a(n) _____.

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

An example of place utility would be: