Product Development Flashcards
(29 cards)
What are the 4 stages of product development?
- Product or service description
- Creating a prototype
- Testing the prototype
- Validating the market acceptability
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?
Product Development
It is the preliminary model or sample of a new product or service that is created to test a product concept or service process.
Prototype
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.
Creating the prototype
What is the stage where the entrepreneurs can experiment, develop, and make some improvements in the potential product or service?
Creating the prototype
What describes how a product or service works and will be a blueprint of all business operations?
Product or service description
It should directly address the primary target market in a personal manner using everyday language.
Product or service description
It should highlight the feature that will cater to the customer’s needs or address the customer’s problems.
Product or service description
Realistic Superlatives should be used.
Product description
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.
Creating the prototype
Which stage uncovers the final loopholes that need to be fixed before commercialization?
Testing the prototype
Which stage gives the entrepreneur a leeway to examine and scrutinize the prototype and provide feedback as to what can be improved before launch?
Testing the prototype
How many testing methods does the prototype testing stage have?
6
This testing method’s objective is to identify errors, deficiencies, and issues that may impede the success of the product or service.
Focus Group Discussion
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.
Legality and ethical test
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
Safety test
It is the testing method when the entrepreneur can match the expected costs versus his or her budget.
Product costing test
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.
Component test
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.
Competitor’s product/service test
What is the process of finding out if the intended primary target market will be buying the product or availing the service?
Validation of market acceptability
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?
Market acceptability
It also tests whether the value proposition and unique selling proposition are appropriate or there is a need to improve them.
Validation of market acceptability
Use the most strategic marketing research tool, wherein the entrepreneur can get the most relevant answers in the cheapest way to possible.
Validation of market acceptability
FGD, survey, observation, interview, online survey, e-mail, or a combination of these are called what?
Marketing research tools
