Developing a Product Review (Intro to Business)

If a product concept is explained and described to a small number of individual consumers to receive their impressions and feedback, what name is often given to that small test group?

• Focus group

• Test market

• Prototype

• Sample audience

Which of the following would represent a proper scope for market testing?

• Exposing a small group of individual consumers to the product at the company office

• Placing the product in only a few retail locations for only one retail chain

• Providing a limited number of the product to all potential retail outlets

• Providing an unlimited number of the product to all interested retailers

A group of company executives have a lengthy list of new product ideas that have been submitted by a team of employees. They are discussing which ideas seem most likely to succeed based on their experience in the field over many years. For the most part they agree about which ideas should be removed from consideration and which should move forward, though sometimes an idea is accepted because of strong support from only one of the executives. What process is taking place?

• Business analysis

• Idea generation

• Idea screening

• Commercialization

Which of the following is the most reasonable response to feedback from concept testing?

• Most consumers liked a product idea but suggested some minor improvements, so the concept was retained without change and advanced to the next phase of development.

• A small percentage of consumers voiced serious dislike of the product concept, so it was discarded.

• Many consumers suggested changes to a product concept, so the concept was identified as not enthusiastically received and was discarded.

• Most consumers liked the basic idea but suggested changes, so changes were implemented, and the revised concept was retested.

During what stage of product development are production costs estimated for a potential product?

• Business analysis

• Market testing

• Concept development

• Idea screening

The point at which the product is released to the target market is known as what?

• Product launch

• Commercialization

• Idea generation

• Market screening

Which of the following is a difference between the concept development stage and the product development stage?

• In the product development stage, sample advertisements are developed, but in the concept development stage a full promotion campaign is launched.

• In the concept development stage, an actual functional product is produced, but in the product development stage only a prototype is produced.

• In the concept development stage, the product is launched to the entire target market, but in the product development stage only focus groups are exposed to the product mock-ups.

• In the product development stage, an actual functional product is produced, but in the concept development stage only a prototype is produced.

What is the first step of the process of creating a new product?

• Idea generation

• Idea screening

• Focus group testing

• Business analysis

The business analysis stage of product development changes the focus from whether a product would be popular to whether the product would be _____.

• legal

• profitable

• sustainable

• innovative

A product development team has a basic product idea that has been given to them, and their current task is to develop some attractive images of what the product might look like, descriptions of how it will function, and sample advertisements could be used for marketing it. What stage of the new product development process are they working on?

• Commercialization

• Market testing

• Idea generation

• Concept development