Topic 1

Question 1

is a simple concept. It is the Conversion of customer need to a
reality-based solution, creating the tangible product or service from the intangible idea, creation of new wealth

Answer 1

New products development

Question 2

is the life blood of companies.

Answer 2

New products development

Question 3

Things you need to do to be able to have success in implementing new products development

Answer 3

*efforts generally require significant resources
*The opportunities in the market

Question 4

The new products could be a physical tangible product

Answer 4

automobiles
smartphones
coffee maker machine

Question 5

New products could
also be services like

Answer 5

IT software
new production process
a new marketing concept

Question 6

All successful new products development actions advice the following:

Answer 6

●New products should provide or offer new value to the existing or new customers.
● It should add some value to Improve society.
● In order to sustain and overcome competitors
● Improve value to acquire new customers

Question 7

The first and foremost important reason for any new products

Answer 7

offer new value to the
customer

Question 8

add some new features from the previous version or slight faster performance than the last one

Answer 8

Incremental innovation

Question 9

are created by all size companies for the growth and improvement of their business.

Answer 9

New products and services

Question 10

help in company sustainability by offering new value to its customers which generates
additional revenues.

Answer 10

New products

Question 11

The seven stages of the New Product Development process include

Answer 11

idea generation
idea
screening
concept development and testing
building a market strategy
product development
market testing
market commercialization