Environment and Market Quiz

What is product development?

• The process of identifying a market opportunity

• The process of creating a new product

• The process of modifying an existing product

• The process of refining a product

What does the term 'development' refer to in this module?

• The process of identifying a market opportunity

• The process of creating a new product

• The entire process of product development

• The process of refining a product

What are basic needs?

• Desires and luxury items

• Commodities for consumption

• Expensive way of living

• Fashion accessories

All of these are WANTS except:

• Desires and luxury items

• Commodities for consumption

• Expensive way of living

• Fashion accessories

What should be considered in business undertakings?

• Kind of people and their needs

• Kind of people and their wants

• Kind of people and their lifestyle

• Kind of people and their culture

These are essential items required in order to survive.

• needs

• wants

• desires

• luxuries

These are essential items required in order to survive.

• needs

• wants

• desires

• luxuries

These are also important items however, a person can still live without it.

• needs

• wants

• essentials

• survival kits

Which of the following is a vital question to ask when developing a product?

• For whom are the product/services aimed at?

• What are my preference for product?

• What do rich people like?

In developing a product, what does one have to consider first?

• The trend

• My own preference

• customers' needs and wants

• modernized products