Q1: Lesson 2 | Generating Business Ideas & Developing Products

Question 1

Are something necessary and indispensable to a person

Answer 1

Needs

Question 2

Something desired but not essential

Answer 2

Wants

Question 3

Must be met immediately or within a given time frame

Answer 3

Needs

Question 4

Can be postponed or set aside until resources become available

Answer 4

Wants

Question 5

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

Answer 5

True

Question 6

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

Answer 6

True

Question 7

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

Answer 7

Product Development Using Creativity and Innovation

Question 8

Developing a Product Generally Has __ Stages

Answer 8

Six

Question 9

Developing a product: STAGE 1

Answer 9

Stage 1. Generating New Product Ideas

Question 10

Developing a product: STAGE 2

Answer 10

Stage 2. Screening Ideas

Question 11

Developing a product: STAGE 3

Answer 11

Stage 3. Business Analysis

Question 12

Developing a product: STAGE 4

Answer 12

Stage 4. Product Development

Question 13

Developing a product: STAGE 5

Answer 13

Stage 5. Market Testing

Question 14

Developing a product: STAGE 6

Answer 14

Stage 6. Commercialization

Question 15

What is DTI?

Answer 15

Department of Trade and Industry