Q1: Lesson 2 | Generating Business Ideas and Developing a Product

Question 1

the process of conceptualizing, designing, creating, producing, introducing, and delivering new products and services to consumers

Answer 1

product development

Question 2

it involves continuous search for new product opportunities

Answer 2

generating a new product idea

Question 3

in this process, the greater potential ideas are selected for further development

Answer 3

screening ideas

Question 4

in this stage, the marketing identifies the product features, estimates the market demand

Answer 4

business

Question 5

this stage focuses of the production ofnew product into tangible form

Answer 5

product development

Question 6

this stage refers to the limited introduction of the product in areas chosen to represent the intended market to know the possible buyers’ reactions to the new product/s

Answer 6

market tests

Question 7

the new product is introduced in the market

Answer 7

commercialization

Question 8

refers to a name, term, symbol or design, or a combination of them that identifies the goods or services

Answer 8

brand

Question 9

is a strategy used by businesses to encourage customers to buy from them

Answer 9

USP (UNIQUE SELLING PROPOSITION)

Question 10

IS CRAFTED TO STIR UP THE INTEREST OF YOUR PROSPECTIVE CUSTOMERS

Answer 10

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