Exam 10: Product Design and Development

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

Psychographics is an essential part of sales forecasting.

You have a better chance of getting your idea patented if the invention:

Entrepreneurs and small businesspeople come up with many good product ideas because they are:

An industry is a group of related businesses.

Identify and describe the four major types of product development. Provide an example of each.

What is an industry

All of the following can make product development a risky proposition except _____.

During the _____ stage, employees are trained in manufacturing and products are carefully inspected for residual flaws.

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 of the following would be used to forecast your demand for year 1

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

To select the most promising product ideas, teams from inside the company will ask all of the following questions except:

The product design specifies how a product is to be made and what it's supposed to look like.

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: -How much are total fixed costs