TLE Entrep 10

What is the primary goal of 'Idea Screening' in product development?

• Evaluating and filtering out unsuitable ideas
• Understanding evolving consumer demands and preferences
• Launching the product to the wider market with full marketing support
• A strategy to encourage customers to buy your product over competitors’

How does a Unique Selling Proposition (USP) benefit a product?

• It assists in understanding evolving consumer demands and preferences
• It helps in evaluating and filtering out unsuitable ideas
• It provides a strategy to encourage customers to buy your product over competitors’
• It defines the benefit or usefulness a product provides to customers

What is the main purpose of 'Market Testing'?

• Turning a concept into a tangible product including testing
• Launching the product to the wider market with full marketing support
• The ability to generate new and original ideas
• Introducing the product in a limited market to gather feedback

What does the 'Product Development' stage entail?

• Evaluating and filtering out unsuitable ideas
• Understanding evolving consumer demands and preferences
• Turning a concept into a tangible product including testing
• Availability of financial resources for business

What does 'Business Analysis' focus on?

• Estimating market demand and planning development
• Understanding evolving consumer demands and preferences
• The ability to generate new and original ideas
• The benefit or usefulness a product provides to customers

What role does 'Creativity' play in product innovation?

• Launching the product to the wider market with full marketing support
• The ability to generate new and original ideas
• Evaluating and filtering out unsuitable ideas
• Understanding evolving consumer demands and preferences

In business, what does 'Capital' refer to?

• A strategy to encourage customers to buy your product over competitors’
• Understanding evolving consumer demands and preferences
• Availability of financial resources for business
• The benefit or usefulness a product provides to customers

Why is recognizing trends important for businesses?

• Evaluate and filter out unsuitable ideas
• Turn a concept into a tangible product including testing
• Understand evolving consumer demands and preferences
• Launch the product to the wider market with full marketing support

What does 'Value' signify in relation to a product?

• The ability to generate new and original ideas
• The benefit or usefulness a product provides to customers
• Evaluating and filtering out unsuitable ideas
• Launching the product to the wider market with full marketing support

What is 'Commercialization' in product development?

• Launching the product to the wider market with full marketing support
• Evaluating and filtering out unsuitable ideas
• The ability to generate new and original ideas
• Understanding evolving consumer demands and preferences