Product Design Unit 3 Flashcards
Explain the difference between a consumer good and a business good
Consumer goods:
Goods purchased and used by the consumer for personal use
Business goods:
Goods purchased by organizations for use in their operations
Define points of difference
A unique product characteristic or benefit that sets it apart from a competitor
List the 7 steps in product development
- SWOT analysis
- Idea generation
- Screening and evaluation
- Business analysis
- Development
- Test marketing
- Commercialization
Explain SWOT analysis
Strengths, weaknesses, opportunities, and threats
Explain idea generation
Consumers, employees, r&d (research and development) departments, competitors
A “protocol” is written
Explain what a protocol is
A statement that identifies a target market, specific customers needs and wants, explains the product and its point of difference
Explain what a focus group is
A panel of six to ten consumers who discuss opinions about a topic under the guidance of a moderator
Explain screening and evaluation
If the company have the technology to make the product and does it fit in with company objectives
Explain business analysis
Financial aspects, legal issues (copyrights & patents)
Explain development
A prototype is developed
Quality and safety are addressed
Explain test marketing
When the product is offered for sale in a small geographic area
Explain commercialization
Process that involves producing and marketing a new product
Beginning of a product’s life cycle
Define product placement and give an example of it
Is the appearance of a product as a prop in film, music videos or TV show (media), in exchange for a fee (or other forms of compensation) paid by the products advertiser
Ex. Eggos in Stranger Things
