Product Development

Question 1

What are the 4 stages of product development?

Answer 1

1. Product or service description
2. Creating a prototype
3. Testing the prototype
4. Validating the market acceptability

Question 2

What is the process of developing, testing, and commercializing a product or service with the ultimate objective of solving the problem of the primary target market?

Answer 2

Product Development

Question 3

It is the preliminary model or sample of a new product or service that is created to test a product concept or service process.

Answer 3

Prototype

Question 4

It is an exciting process for the entrepreneurs because he or she will be a able to see that his or her ideas will soon become a tangible reality.

Answer 4

Creating the prototype

Question 5

What is the stage where the entrepreneurs can experiment, develop, and make some improvements in the potential product or service?

Answer 5

Creating the prototype

Question 6

What describes how a product or service works and will be a blueprint of all business operations?

Answer 6

Product or service description

Question 7

It should directly address the primary target market in a personal manner using everyday language.

Answer 7

Product or service description

Question 8

It should highlight the feature that will cater to the customer’s needs or address the customer’s problems.

Answer 8

Product or service description

Question 9

Realistic Superlatives should be used.

Answer 9

Product description

Question 10

The objective of the entrepreneurs at this stage is to verify if the product or service concept will work at the simplest, fastest, and cheapest way.

Answer 10

Creating the prototype

Question 11

Which stage uncovers the final loopholes that need to be fixed before commercialization?

Answer 11

Testing the prototype

Question 12

Which stage gives the entrepreneur a leeway to examine and scrutinize the prototype and provide feedback as to what can be improved before launch?

Answer 12

Testing the prototype

Question 13

How many testing methods does the prototype testing stage have?

Answer 13

6

Question 14

This testing method’s objective is to identify errors, deficiencies, and issues that may impede the success of the product or service.

Answer 14

Focus Group Discussion

Question 15

This testing method happens prior to launching where the entrepreneur must ensure that the product or service complies with all the relevant laws and regulations and have a necessary license or permit to operate.

Answer 15

Legality and ethical test

Question 16

It is the testing method where the entrepreneur must ensure that the product is safe to use, safe to be consumed, or safe to be applied

Answer 16

Safety test

Question 17

It is the testing method when the entrepreneur can match the expected costs versus his or her budget.

Answer 17

Product costing test

Question 18

It is the testing method where each component of the product or service must be tested independently to identify component failures for goods or service failures for services.

Answer 18

Component test

Question 19

It is the testing method where the entrepreneur must test a similar line of products or the competitor’s product or service itself to compare and get the best practices to be applied to the new product or service.

Answer 19

Competitor’s product/service test

Question 20

What is the process of finding out if the intended primary target market will be buying the product or availing the service?

Answer 20

Validation of market acceptability

Question 21

What is the critical factor that the entrepreneur must validate before launching the product or service, because this can strongly suggest if the business will be successful or not?

Answer 21

Market acceptability

Question 22

It also tests whether the value proposition and unique selling proposition are appropriate or there is a need to improve them.

Answer 22

Validation of market acceptability

Question 23

Use the most strategic marketing research tool, wherein the entrepreneur can get the most relevant answers in the cheapest way to possible.

Answer 23

Validation of market acceptability

Question 24

FGD, survey, observation, interview, online survey, e-mail, or a combination of these are called what?

Answer 24

Marketing research tools

Question 25

Prepare relevant open minded questions that answer the objectives above. Keep the questions to a minimum.

Answer 25

Validation of market acceptability

Question 26

Find market experts who also target the same market but not directly competing with the entrepreneur.

Answer 26

Validation of market acceptability

Question 27

Collect all the data, analyze them, and prepare a summative report that answers the objective questions.

Answer 27

Validation of market acceptability

Question 28

What describes how a business captures, delivers, and captures value?

Answer 28

Business Model

Question 29

What is made up of 9 parts that, together, end up describing the business model?

Answer 29

Business Model Canvas