Product Development & Branding

What is the step of the product development process that involves narrowing down your business ideas?

• Idea generation

• Screening & evaluation

• Business analysis

• Test marketing

Which step of the product development process involves creating financial expenses and sale projections for the new product?

• Screening & evaluation

• Business analysis

• Test marketing

• Commercialization/introducing the product

What is a way to perform the customer evaluation step of the product development process?

• Look at customer reviews

• Create a prototype

• This step is not part of the product development process

• Create a website for the product

Which of the following is a benefit of outsourcing?

• Increases efficiency

• Reduces labor costs

• Reduces risk

• All answers are correct

What is a name, term, design, symbol, or a combination of these elements that identifies a business, product, or service, and sets it apart from its competitors?

• Marketing

• Trademark

• Brand name

• Brand

What is a touchpoint?

• The "personality" of the brand

• How the company distinguishes itself from competitors

• Any interaction between the brand and the consumer

• The memorable quality of a brand

"Amazon" is the company's...

• Brand name

• Unique value proposition

• Brand

• Touchpoint

Verizon is an example of a...

• Private distributor brand

• Generic brand

• National brand

Trader Joe's has its own brand of food that it sells ONLY at their stores. What type of brand is this considered to be?

• National brand

• Private distributor brand

• Generic brand

What is the main benefit of purchasing from private distributor brands?

• Coupons are available

• Higher quality than national brands

• Lowest prices

• Same quality of national brands at a lower price