Q1: Lesson 2 | Generating Business Ideas & Developing Products Flashcards

1
Q

Are something necessary and indispensable to a person

A

Needs

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2
Q

Something desired but not essential

A

Wants

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3
Q

Must be met immediately or within a given time frame

A

Needs

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4
Q

Can be postponed or set aside until resources become available

A

Wants

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5
Q

TRUE OR FALSE: Finding an idea is the first task of converting an entrepreneur’s creativity

A

True

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6
Q

TRUE OR FALSE: The best source of idea is the consumer or the market in general

A

True

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7
Q

Is the process or the act of creating a product through a series of steps.

A

Product Development Using Creativity and Innovation

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8
Q

Developing a Product Generally Has __ Stages

A

Six

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9
Q

Developing a product: STAGE 1

A

Stage 1. Generating New Product Ideas

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10
Q

Developing a product: STAGE 2

A

Stage 2. Screening Ideas

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11
Q

Developing a product: STAGE 3

A

Stage 3. Business Analysis

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12
Q

Developing a product: STAGE 4

A

Stage 4. Product Development

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13
Q

Developing a product: STAGE 5

A

Stage 5. Market Testing

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14
Q

Developing a product: STAGE 6

A

Stage 6. Commercialization

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15
Q

What is DTI?

A

Department of Trade and Industry

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