Product Development Flashcards
1
Q
Product Development
Product Development Cycle
A
- Innovate
- Design Product
- Building Product
- Sell Product
- Assess
- Revise
2
Q
Product Development
Product Development Cycle: Innovate
A
- Understanding company’s strategic perspective
- Drivers of Product Ideas
- Idea Screening
- Market Assessment
3
Q
Product Development
Product Development Cycle: Build
A
- Project enrollment
- Price product
- Financial assessment
- Implement necessary infrastructure
- Senior management approval
4
Q
Product Development
Product Development Cycle: Sell
A
- Test Marketing
- Mass-marketing
5
Q
Product Development
Product Development Cycle: Assess
A
- track financials
- A/E studies
- Consumer and market feedback
6
Q
Product Development
Teams Involved in Product Development (List, Define)
A
- Senior Management: set tone, make ultimate decisions
- Marketing: attract customers
- Sales: sell product, insight on price sensitivity
- Underwriters: quantify risks of plan features
- IT: build infrastructure
- Operations: claims processing/admin
- Compliance
- Actuarial: projections, pricing/reserving
- Finance: determine if projections meet targets
