Deck 6: Prototyping a Solution

Question 1

Investors consider research and development, engineering, and testing of new products to be low-risk, so funding for these activities is not difficult for the entrepreneur to secure.

Answer 1

False

Question 2

In entrepreneurial parlance, MVP stands for most valuable player. ​

Answer 2

False

Question 3

Lack of good market analysis, technical problems, and human error are reasons for ____. ​

A)new product failure
B)product simplification
C)research and development
D)shortened product life cycles
E)All of these choices

Answer 3

A

Question 4

With the benefits of information and systems technologies, the success rate of new product development has climbed to 85 percent at launch. ​

Question 5

The main reason for new product development failure is lack of ____. ​

A)sufficient funding
B)good market and industry analysis
C)effective leadership
D)innovation
E)patents

Question 6

____ product development provides a young firm with a network of expertise that it couldn't afford to hire in-house.

A)Outsourcing
B)Patenting
C)Protecting
D)Networking
E)Testing

Question 7

Regarding product development, which of the following would not be good advice? ​

A)Manage product development teams from a distance
B)Choose an outsourced partner based solely on price
C)During R&D, set aside customer needs
D)All of these are good advice
E)None of these is good advice

Question 8

Poor execution, time-to-market increases, and missed first-to-market opportunities are some of the problems associated with ____. ​

A)lack of new product development resources
B)new product development failure
C)failure to protect intellectual property
D)lack of teamwork
E)All of these choices

Question 9

The product development cycle consists of a series of tasks leading to introduction of the product to the marketplace. ​

Question 10

Intellectual-property rights are legal rights associated with patents, trademarks, copyrights, and trade secrets. ​

Question 11

A product life cycle is analogous to an industry life cycle with periods of product development, market introduction, growth, maturity, and decline.

Question 12

Identifying a problem that potential customers have may lead to: ​

A)A market niche that has not yet been served
B)A potential improvement in an existing product
C)An opportunity for a breakthrough product or process
D)All of the above are correct.
E)None of the above is correct.

Question 13

A patent gives the patent holder the right to defend the patent against others who would attempt to manufacture, use, or sell the invention during the period of the patent. ​

Question 14

Each time a new product or service or an improvement to an existing product or service is introduced, it will have gone through a design and development process.

Question 15

Poor execution in product development results in missed opportunities to enter the market at a quiet time without immediate competition.

Question 16

When you validate a customer, you are: ​

A)Ensuring that the customer will buy the product
B)Ensuring that a solution currently exists
C)Filing for intellectual property protection
D)All of these choices
E)None of these choices

Question 17

Product development and intellectual-property development are not closely intertwined.

Question 18

Which of the following is not a reason to outsource product development? ​

A)Improve the quality of software development
B)Enable rapid scaling
C)Preserve the ability to be flexible
D)All of the above are reasons to outsource product development
E)Neither b or c are reasons to outsource product development

Question 19

Initial market tests are accomplished using a working ____ of near production quality. ​

A)concept
B)platform
C)model
D)prototype
E)None of these choices

Question 20

Intellectual property consists of all of these except: ​

A)copyright
B)patent
C)trade secret
D)All of the above constitute intellectual property
E)Only a and b constitute intellectual property

Question 21

The new product checklist asks all of these questions except:  ​

A)Will I be the first in the marketplace with this product?
B)Do customers have to change their behavior to adopt this product?
C)Can it be cheaply manufactured?
D)Are there ways to enhance the product over time
E)All of these choices are correct

Question 22

The ratio of new products that are killed in product development is highest for:  ​

A)The best performing products
B)The worst performing products
C)The products with the most utility
D)The products with average performance
E)None of these is correct

Question 23

During the product development process, tradeoffs may have to be made between all of these factors except: ​

A)Product features
B)Cost
C)Capital expenditures
D)Stakeholders
E)All of these choices are correct

Question 24

When you validate a customer, you are:  ​

A)Conducting final research
B)Determining whether you have the right customer and the right solution
C)Determining what is the highest price at which the customer will purchase
D)Reviewing regulatory requirements
E)None of these

Question 25

Among the reasons an MVP product may fail are: ​

A)Users expected a higher quality
B)The customers were not the initial customers
C)Something prevented the customers from referring the product to their friends
D)All of the above choices are correct
E)None of these choices is correct

Question 26

The probability of success for a new product launch is about ____ percent.

A)40
B)50
C)60
D)70
E)80

Question 27

Because of the benefits that have accrued to new product development from information and systems technologies: ​

A)The probability of success at launch is up to 80%
B)The probability of success at launch is down to 50%
C)The probability of success at launch has remained steady at 65%
D)The probability of success at launch has remained steady at 60%
E)The probability of success at launch has risen stratospherically

Question 28

All of these are intellectual-property rights except:

A)patents
B)development
C)copyrights
D)trade secrets
E)All of these choices

Question 29

Poor execution in product development often results from: ​

A)A preference for speed
B)Not enough people doing the work
C)Too much market research
D)Significant due diligence
E)None of these

Question 30

Among the tradeoffs that may be made during product development are: ​

A)Features v. product cost
B)Features v. development costs
C)Features v. final sales
D)All of the above
E)A and B only are correct

Question 31

Opportunity recognition, technical feasibility analysis, and prototype building and field testing are elements of the ____. ​

A)industry life cycle
B)product development cycle
C)trademark process
D)new product checklist
E)successful product realization

Question 32

Possible causes of product failure are: ​

A)Technical problems
B)The product definition may provide features that the customer does not want
C)The problem has not been correctly defined
D)The product definition may be incorrect
E)All of these are correct

Question 33

Customer identification or discovery asks the question: ​

A)Who is the primary customer?
B)Who is the customer that will pay most?
C)Who is the last customer?
D)All of these choices
E)None of these choices

Question 34

____ can be defined as the activity that transforms a set of requirements into a format that brings all the elements into an integrated whole or system. ​

A)Product design
B)Feasibility analysis
C)Prototyping
D)Industry analysis
E)None of these choices

Question 35

The relationship between technical problems and new product failure is: ​

A)That technical problems have little impact on product failure
B)That technical problems have a moderate impact on product failure
C)That technical problems have a significant impact on product failure
D)That technical problems are the sole cause of product failure
E)None of these is true

Question 36

Poor execution in product development results in: ​

A)Missed opportunities
B)Entering the market with competitors
C)Using only incremental opportunities
D)All of the above
E)None of these choices

Question 37

A Customer Value Proposition is: ​

A)Always composed of total benefits, points of differentiation, and focus on a key value
B)The best alternative for validating a solution wit customers
C)A way to focus on the favorable points of difference with competitors
D)A focus on the unique differences being offered that provide the most value for the customer
E)None of these is correct.

Question 38

Regarding an MVP, it is correct to say: ​

A)An MVP  is always the preferred way to gauge customer interest in a product.
B)An MVP is an excellent way to gauge customer interest for all types of products.
C)Sometimes, an MVP will not give you the feedback you need.
D)An MVP is most valuable if your product concept adopts incremental innovation.
E)None of these choices is correct.

Question 39

Customer identification, customer validation, and ____ are all part of the product development cycle. ​

A)product protection
B)value creation
C)outsourcing
D)product creation
E)business creation

Question 40

Go-To-Market is which phase of the product development cycle? ​

A)The first phase
B)The second phase
C)The third phase
D)The fourth phase
E)The final phase

Question 41

Explain the Theory of Constraints. ​

Question 42

Briefly discuss the impact that technology has had on the product life cycle. ​

Question 43

Briefly discuss the product development cycle. ​

Question 44

Explain how early-stage testing can benefit product development. ​

Question 45

Briefly discuss the three fundamental strategies that should be incorporated in any entrepreneur's product development program. ​

Question 46

What is the "lean startup" movement, and what was its origin? ​

Question 47

A 2014 study found four key trends related to how companies characterize product development today. Discuss these. ​

Question 48

What is the "build-measure-lean" concept? ​

Question 49

Briefly discuss the benefits of outsourcing product development for today's entrepreneur. ​

Question 50

Discuss three common problems that result from a lack of sufficient new product development resources. ​