Exam 7: Product Design and Development

Within the footwear industry there are several groups of customers, each of which is called a(n) _____.

A product is something that can be marketed to customers because it provides them with a benefit and satisfies a need.

To come up with good businesses ideas you should do all of the following _____.

Conceivably, Connie could get new product or service ideas from _____.

According to the Small Business Administration, 10% of all new product innovations come from small businesses.

Customers buy products to satisfy _____ needs and expect to derive some value or _____ from them.

Market segments can be a group of potential customers in a geographic location.

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

Identify the seven steps in the product development process.

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

If you end up selling 12,000 pairs of shoes the first year, how much profit will you make?

An example of place utility would be:

In addition to being creative people, entrepreneurs are generally also ______

What is a market segment?

The key to coming up with a great product idea is finding a product you are passionate about.

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

If your proposed business was a frozen yogurt store in Michigan, you could get an estimate of the number of customers you might have if you asked those leaving a bakery in California if they'd buy frozen yogurt in the winter.

A market segment is best characterized as a group of _____.

A _____ is a narrowly defined group of potential customers with a fairly specific set of needs.

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