Product Development Process

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1. Which option describes Idea Screening?

  • Estimating Likely Selling Prices, Sales Volume, Profitability and Breakeven
  • Elimination Unsound Concepts, Target Market (Size, Growth), Market Trends, Product/Service
  • Intellectual Property Issues, Product Benefits and Features, Production Costs
  • SWOT Analysis, Market Research, Customer Feedback, Analysis of Competitor Offer, Brainstorming New Product Ideas
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2. Which option describes Business Analysis?

  • Intellectual Property Issues, Product/Service Features, Benefits and Feasibility, Consumer Reaction, Production Cost-Effectiveness and Costs, Prospective Customer Liaison
  • Product Launch Activities, Advertising, Distribution Pipeline, Critical Path Analysis
  • Estimating Likely Selling Price, Sales Volume, Profitability, Break-Even Point, Return on Investment
  • Customer Reaction, Impact on Existing Portfolio, Value Analysis

3. Which option describes Beta and Market Testing?

  • Estimating Likely Selling Price, Sales Volume, Profitability, Break-Even Point, Return on Investment
  • Product Launch Activities, Advertising, Distribution Pipeline, Critical Path Analysis
  • Production of Physical Prototype, Testing Product, Testing Package Design, Conduct Customer Focus Groups, Introduce product/service at Trade Shows, Pilot Study, Distribution Channels
  • Intellectual Property Issues, Product/Service Features, Benefits and Feasibility, Consumer Reaction, Production Cost-Effectiveness and Costs, Prospective Customer Liaison

4. Which option describes Concept Development?

  • Intellectual Property Issues, Product/Service Features, Benefits and Feasibility, Consumer Reaction, Production Cost-Effectiveness and Costs, Prospective Customer Liaison
  • Customer Reaction, Impact on Existing Portfolio, Value Analysis
  • Estimating Likely Selling Price, Sales Volume, Profitability, Break-Even Point, Return on Investment
  • Product Launch Activities, Advertising, Distribution Pipeline, Critical Path Analysis

5. Which option descibes Review of Market Performance & Product Pricing?

  • Launch Activities, Promotional Material Creation and Publication, Advertising, Distribution Pipeline, Critical Path Analysis
  • Customer Reaction, Impact on Exisiting Portfolio, Value & Compeition Analysis, Review production costs, Forecast Unit Volumes, Revenue and Profit, Review of After-Sales Service
  • Estimating Likely Selling Price, Sales Volume, Profitability, Break-Even Point, Return on Investment
  • Estimation of Resources Required, Finalise Quality Management System, Resource Estimation, Operational Management Plan, Publish Technical Communications (Data Sheets, Specifications), Finalise Supplier Agreements, Finalise Logistics Plan

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