Question 1

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

Accepted Answer

A) True 
 B)False

Question 2

Psychographics is an essential part of sales forecasting.

Accepted Answer

A) True 
 B)False

Question 3

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

Accepted Answer

A)  has received enthusiastic applaud by others. 
B)  is similar to other products. 
C)  has been mentioned in magazines and newspapers. 
D)  is not useless - has some utility.

Question 4

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

Accepted Answer

A)  willing to devote an exorbitant amount of time thinking up ideas. 
B)  highly motivated people. 
C)  often creative people. 
D)  young with fresh ideas.

Question 5

An industry is a group of related businesses.

Accepted Answer

A) True 
 B)False

Question 6

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

Accepted Answer

The answer of Identify and describe the four major types...

Question 7

What is an industry

Accepted Answer

The answer of What is an industry...

Question 8

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

Accepted Answer

A)  trade-offs 
B)  time pressure 
C)  economics 
D)  positive market test results

Question 9

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

Accepted Answer

A)  prototype 
B)  launch 
C)  testing 
D)  ramp-up

Question 10

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

Accepted Answer

A)  3 million joggers who are 65 or older 
B)  600,000 joggers who are 65 and older and live in Florida 
C)  20% of those who retire move to Florida 
D)  You estimate that your sales will increase by 25% in year 2.

Question 11

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

Accepted Answer

The answer of Where do the inventors of products apply...

Question 12

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

Question 13

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

Accepted Answer

A) True 
 B)False

Question 14

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

Accepted Answer

A)  $600,250 
B)  $600,000 
C)  $250 
D)  $90

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.

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.