Question 1

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

Accepted Answer

A)  new-to-the-company product. 
B)  extension to an existing product line. 
C)  "new-to-the-market" health conscious product. 
D)  improvement in an existing product. 
A)  new-to-the-company product. 
B)  extension to an existing product line. 
C)  "new-to-the-market" health conscious product. 
D)  improvement in an existing product.

Question 2

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

Accepted Answer

There are several possible approaches th

Question 3

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

Accepted Answer

A)  Does the proposed product fill an unmet need of our customers 
B)  Will we be the first company to come out with this product 
C)  Will enough people buy our product to make it commercially successful 
D)  Do we have the resources and expertise to make it 
A)  Does the proposed product fill an unmet need of our customers 
B)  Will we be the first company to come out with this product 
C)  Will enough people buy our product to make it commercially successful 
D)  Do we have the resources and expertise to make it

Question 4

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

Accepted Answer

A) True 
 B)False

Question 5

Of the following, _____ is the best example of a company's proprietary information.

Accepted Answer

A)  store location 
B)  sales volume 
C)  advertising strategy 
D)  production equipment 
A)  store location 
B)  sales volume 
C)  advertising strategy 
D)  production equipment

Question 6

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.

Accepted Answer

1) Time utility: A concessionaire sellin

Question 7

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

Accepted Answer

A) True 
 B)False

Question 8

When a soap manufacturer adds liquid soap to its product line, the manufacturer is providing which type of utility

Accepted Answer

A)  Time utility 
B)  Ownership utility 
C)  Form utility 
D)  Place utility 
A)  Time utility 
B)  Ownership utility 
C)  Form utility 
D)  Place utility

Question 9

Large companies seek all of their product ideas from those outside the organization, including current customers.

Accepted Answer

A) True 
 B)False

Question 10

A physical model of a product is called a ramp-up.

Accepted Answer

A) True 
 B)False

Question 11

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 _____.

Accepted Answer

A)  services 
B)  products 
C)  combination services/products 
D)  amenities 
A)  services 
B)  products 
C)  combination services/products 
D)  amenities

Question 12

Seth Gordon, marketing consultant and author, refers to truly remarkable products as "jackpots."

Accepted Answer

A) True 
 B)False

Question 13

A novel approach to generating new-to-the-world product ideas is hiring "creativity" consultants.

Accepted Answer

A) True 
 B)False

Question 14

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:

Accepted Answer

A)  Who will my customers be 
B)  Why will customers buy products from me 
C)  Will I lose current customers and hurt my business 
D)  How will customers benefit from the product 
A)  Who will my customers be 
B)  Why will customers buy products from me 
C)  Will I lose current customers and hurt my business 
D)  How will customers benefit from the product

Question 15

What is a market?

Accepted Answer

A market is a group of buyers

Question 16

When Just Born reduced the piece size, added some new ingredients, and put its Mike & Ike's in pouches, this was an extension to an existing product.

Accepted Answer

A) True 
 B)False

Question 17

On the surface, data published by industry associations seems helpful in estimating sales for your proposed business. But the data is often old and not very helpful.

Accepted Answer

A) True 
 B)False

Question 18

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

Accepted Answer

A)  reviewing industry data on the internet 
B)  speaking with competitors 
C)  speaking with potential customers 
D)  all of these approaches. 
A)  reviewing industry data on the internet 
B)  speaking with competitors 
C)  speaking with potential customers 
D)  all of these approaches.

Question 19

A patent grants you "the right to exclude others from making, using, offering for sale, or selling" the invention in the United States for 50 years.

Accepted Answer

A) True 
 B)False

Question 20

When Just Born extended its product line to include "Peeps in a chocolate egg," this was considered an extension to an existing product line.

Accepted Answer

A) True 
 B)False

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

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

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

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

Of the following, _____ is the best example of a company's proprietary information.

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.

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

When a soap manufacturer adds liquid soap to its product line, the manufacturer is providing which type of utility

Large companies seek all of their product ideas from those outside the organization, including current customers.

A physical model of a product is called a ramp-up.

Seth Gordon, marketing consultant and author, refers to truly remarkable products as "jackpots."

A novel approach to generating new-to-the-world product ideas is hiring "creativity" consultants.

What is a market?

When Just Born reduced the piece size, added some new ingredients, and put its Mike & Ike's in pouches, this was an extension to an existing product.

On the surface, data published by industry associations seems helpful in estimating sales for your proposed business. But the data is often old and not very helpful.

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

A patent grants you "the right to exclude others from making, using, offering for sale, or selling" the invention in the United States for 50 years.

When Just Born extended its product line to include "Peeps in a chocolate egg," this was considered an extension to an existing product line.

The Foundations of Business

Business Ethics and Social Responsibility

Business in a Global Environment

Selecting a Form of Business Ownership

The Challenges of Starting a Business

Managing for Business Success

Recruiting, Motivating, and Keeping Quality Employees

Teamwork and Communications

Marketing: Providing Value to Customers

Operations Management in Manufacturing and Service Industries

The Role of Accounting in Business

Managing Financial Resources

Personal Finances

Managing Information and Technology

The Legal and Regulatory Environment of Business

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Exam 10: Product Design and Development

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

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

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

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

Of the following, _____ is the best example of a company's proprietary information.

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.

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

When a soap manufacturer adds liquid soap to its product line, the manufacturer is providing which type of utility

Large companies seek all of their product ideas from those outside the organization, including current customers.

A physical model of a product is called a ramp-up.

Seth Gordon, marketing consultant and author, refers to truly remarkable products as "jackpots."

A novel approach to generating new-to-the-world product ideas is hiring "creativity" consultants.

What is a market?

When Just Born reduced the piece size, added some new ingredients, and put its Mike & Ike's in pouches, this was an extension to an existing product.

On the surface, data published by industry associations seems helpful in estimating sales for your proposed business. But the data is often old and not very helpful.

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

A patent grants you "the right to exclude others from making, using, offering for sale, or selling" the invention in the United States for 50 years.

When Just Born extended its product line to include "Peeps in a chocolate egg," this was considered an extension to an existing product line.

The Foundations of Business

Business Ethics and Social Responsibility

Business in a Global Environment

Selecting a Form of Business Ownership

The Challenges of Starting a Business

Managing for Business Success

Recruiting, Motivating, and Keeping Quality Employees

Teamwork and Communications

Marketing: Providing Value to Customers

Operations Management in Manufacturing and Service Industries

The Role of Accounting in Business

Managing Financial Resources

Personal Finances

Managing Information and Technology

The Legal and Regulatory Environment of Business

Filters