24.5 Responding to opportunities in the market

What is the first step in new product development?

• Launch product

• Market testing

• Brainstorming ideas

• Advertising

What does prototype development involve?

• Selling the final product

• Creating an early version

• Building a store

• Writing a report

Why is market testing important?

• It lowers product cost

• It helps judge product quality and demand

• It increases confusion

• It ends the process

How can a business respond to market change?

• Stay the same

• Change how it delivers products

• Ignore customers

• Offer fewer choices

What is one modern way of delivering products?

• Sending by pigeons

• Offering drone or online delivery

• Mailing letters

• Store-only sales

What is crowdsourced delivery?

• Using drones

• Deliveries by staff only

• Delivery using networks of people

• Delivery using buses

What is a key reason for businesses to respond to market opportunities?

• Reduce profits

• Increase customer complaints

• Meet customer needs

• Avoid selling

Order the process for new product development

• Design and Create a prototype/mock-up

• Idea for new product

• Beta and market testing

• Plan for technical needs

• Product launch