Exam 10: Product Design and Development

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

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

If you ordered french fries with your hamburger and were given a raw potato instead, the restaurant failed to provide you with form utility.

To be protected from patent infringement outside the U.S., you have to apply for a U.S. patent as well as an international patent.

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

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

Most entrepreneurial decision making can be improved by using knowledge gained from personal experience.

Which of the following can cost a company developing a new product a great deal of money

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. -What is the estimated first-year demand for your jogging shoes

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.

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:

Identify the seven steps in the product development process.

All of the following are reasons why product development is a risky proposition except:

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

The first step in the product development process is to evaluate opportunities and select the best product ideas. What is the second step

An example of place utility would be:

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

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 _____.

Contribution margin per unit is the excess of revenue per unit over fixed cost per unit.

An idea turns into a business opportunity when: