Business Feasibility Analysis

False

False

False

<p>True</p> Signup and view all the answers

<p>False</p> Signup and view all the answers

<p>True</p> Signup and view all the answers

<p>False</p> Signup and view all the answers

<p>False</p> Signup and view all the answers

<p>False</p> Signup and view all the answers

<p>False</p> Signup and view all the answers

<p>False</p> Signup and view all the answers

<p>False</p> Signup and view all the answers

<p>False</p> Signup and view all the answers

<p>False</p> Signup and view all the answers

<p>False</p> Signup and view all the answers

<p>False</p> Signup and view all the answers

<p>False</p> Signup and view all the answers

<p>False</p> Signup and view all the answers

<p>False</p> Signup and view all the answers

<p>False</p> Signup and view all the answers

<p>False</p> Signup and view all the answers

<p>False</p> Signup and view all the answers

<p>False</p> Signup and view all the answers

<p>False</p> Signup and view all the answers

<p>False</p> Signup and view all the answers

<p>False</p> Signup and view all the answers

<p>False</p> Signup and view all the answers

<p>False</p> Signup and view all the answers

<p>False</p> Signup and view all the answers

<p>False</p> Signup and view all the answers

<p>False</p> Signup and view all the answers

<p>False</p> Signup and view all the answers

<p>False</p> Signup and view all the answers

<p>True</p> Signup and view all the answers

<p>False</p> Signup and view all the answers

<p>False</p> Signup and view all the answers

<p>True</p> Signup and view all the answers

<p>False</p> Signup and view all the answers

<p>False</p> Signup and view all the answers

<p>False</p> Signup and view all the answers

<p>Their passion for product improvement and willingness to participate in evaluating emerging concepts.</p> Signup and view all the answers

<p>Because it can be a distinct product variation with a new design or packaging, which can be considered a new product in the detergent industry.</p> Signup and view all the answers

<p>Customers may not initially understand the benefits of the new product, but later come to appreciate them.</p> Signup and view all the answers

<p>The food industry.</p> Signup and view all the answers

<p>They are loyal and passionate about product improvement.</p> Signup and view all the answers

<p>It requires significant resources and time to come to market.</p> Signup and view all the answers

<p>They can generate creative ideas and contribute to the identification of future opportunities.</p> Signup and view all the answers

<p>They can help develop and test new product features.</p> Signup and view all the answers

<p>The primary goal of the new product development process is to generate profits to cover the initial cost. New products must generate profits to be successful.</p> Signup and view all the answers

<p>Market research is essential to introduce the right product to customers, and it helps to identify customer needs and reduce the risk of product failure.</p> Signup and view all the answers

<p>Customers play a crucial role in the NPD process, and it is essential to integrate them in each stage to define their needs accurately and reduce the risk of product failure.</p> Signup and view all the answers

<p>A new product involves significant changes or innovations, whereas a product with a minor change is not considered a new product. Innovation is about creating new or improved products that meet customer needs.</p> Signup and view all the answers

<p>Product failure occurs when a product fails to meet customer needs or generate profits, leading to financial losses. It can be avoided through the NPD process by conducting market research, identifying customer needs, and testing and iterating products.</p> Signup and view all the answers

<p>Sustainability is an essential consideration in the NPD process, and the S-NPD strategy involves adopting sustainable practices throughout the product development process to minimize negative environmental and social impacts.</p> Signup and view all the answers

<p>The primary objectives of managing and growing a firm during the organization feasibility analysis are to identify and manage risks, allocate resources, and achieve overall commercial maturity and market expansion.</p> Signup and view all the answers

<p>The key stages of the NPD process include idea generation, idea screening, concept development, and product development. These stages are interdependent and involve iterative testing and refinement to develop a successful new product.</p> Signup and view all the answers

<p>The key factors that influence the product/service desirability during the industry/market feasibility analysis include target market attractiveness, product/service details, manufacturability, durability, and safety.</p> Signup and view all the answers

<p>Educating customers about new products is essential for their success, as it helps to increase customer awareness and adoption. Educating customers about new products involves communicating the benefits and value of the product to them.</p> Signup and view all the answers

<p>Providing ideas and knowledge</p> Signup and view all the answers

<p>Ranking ideas based on their importance to customers</p> Signup and view all the answers

<p>The primary goal of the detailed business plan prepared during the concept development phase is to provide a roadmap for implementation, investment, and ownership.</p> Signup and view all the answers

<p>Involving customers in a wide range of development tasks to define the final product design</p> Signup and view all the answers

<p>During the NPD process, the cost is incurred initially, and profit is achieved when sales exceed the development costs.</p> Signup and view all the answers

<p>The primary purpose of identifying fatal flaws during the organization feasibility analysis is to identify potential risks and issues that can hinder the success of the product or service.</p> Signup and view all the answers

<p>Verifying product features and testing product performance</p> Signup and view all the answers

<p>To get reliable and useful information</p> Signup and view all the answers

<p>A business opportunity is a possible idea that may be transformed into a revenue-generating product, while a product concept is a physical form or a technology plus a clear description of benefit.</p> Signup and view all the answers

<p>The primary purpose of the product development stage during the NPD process is to test and launch the new product to markets.</p> Signup and view all the answers

<p>As co-creators and users</p> Signup and view all the answers

<p>Ensuring that the product reflects their needs and creates more value for them</p> Signup and view all the answers

<p>The primary advantage of adopting S-NPD strategy during the NPD process is to minimize negative impacts on society and the environment while maximizing positive impacts.</p> Signup and view all the answers

<p>Involving customers in every stage of NPD</p> Signup and view all the answers

<p>Customers refuse to buy it due to lack of attractiveness or failure to meet their needs, or lack of awareness of its value.</p> Signup and view all the answers

<p>To minimize negative impacts on society and the environment.</p> Signup and view all the answers

<p>Reduce operation costs, attract new customers and increase sales due to green products, and receive tax incentives.</p> Signup and view all the answers

<p>To define their needs accurately and educate them about the product's value.</p> Signup and view all the answers

<p>To define their needs accurately and educate them about the product's value.</p> Signup and view all the answers

<p>Reducing energy consumption.</p> Signup and view all the answers

<p>Negative impacts on society and the environment.</p> Signup and view all the answers

<p>Attracting new customers and increasing sales due to green products.</p> Signup and view all the answers

<p>To achieve commercial maturity and market expansion and consolidation</p> Signup and view all the answers

<p>Management description</p> Signup and view all the answers

<p>To assess the potential risks and issues associated with the product or service</p> Signup and view all the answers

<p>It affects the product's appeal and competitiveness in the market</p> Signup and view all the answers

<p>To provide feedback on the product or service</p> Signup and view all the answers

<p>A product concept includes a physical form or technology plus a clear description of benefits, while a business opportunity is a possible idea that may be transformed into a revenue-generating product</p> Signup and view all the answers

<p>To cover the initial development costs through sales, and eventually achieve profit</p> Signup and view all the answers

<p>It provides a roadmap for implementation, and helps to attract investors and owners/partners</p> Signup and view all the answers

<p>Involving customers in each stage of NPD is significant because it ensures that the product reflects their needs. It helps to define their needs accurately, which is crucial in creating a product that meets customer expectations and increases the chances of product success.</p> Signup and view all the answers

<p>The key issues in involving customers as a resource for many ideas during the idea generation stage of NPD include finding the right customer groups to collect reliable information, finding ways to motivate them to participate, and using tools to capture customer knowledge.</p> Signup and view all the answers

<p>Customers contribute to the product development stage of NPD by involving them in a wide range of development tasks, such as defining the final product design and building a prototype. Their involvement ensures that the product meets their needs and expectations, leading to a higher chance of product success.</p> Signup and view all the answers

<p>The key issues in involving customers as co-creators during the idea screening and selection stage of NPD include ranking the ideas based on their importance to customers and choosing the best concept that creates more value.</p> Signup and view all the answers

<p>It is essential to be careful in selecting customers for involvement in the NPD process because it ensures that reliable and useful information is obtained. If not done carefully, it may lead to inaccurate or irrelevant information, which can negatively impact the product's success.</p> Signup and view all the answers

<p>During the product introduction stage of NPD, customers play a role in verifying product features and testing product performance, which helps to ensure that the product meets their needs and expectations.</p> Signup and view all the answers

<p>Involving customers in the NPD process helps to create a competitive position in the market by ensuring that the product meets their needs and expectations, leading to a higher chance of product success.</p> Signup and view all the answers

<p>Customers as users during the product introduction stage of NPD are significant because they help to verify product features and test product performance, which leads to building customer service centers that meet their needs.</p> Signup and view all the answers

<p>Their loyalty and passion for improvement, which leads to creative ideas to improve the product.</p> Signup and view all the answers

<p>Through their willingness to participate in evaluating emerging concepts, allowing companies to identify potential future opportunities.</p> Signup and view all the answers

<p>Educating customers about new products is essential for their success, as it helps customers realize the benefits of new products, leading to initial rejection turning into later success.</p> Signup and view all the answers

<p>The concept of new product varies across different industries, with examples including a minor change in detergent, introducing a new size or design in the food industry, and introducing a new version of a product by adding new features in the phone industry.</p> Signup and view all the answers

<p>New products are initially rejected due to customers not realizing their benefits, but later become successful once customers understand the benefits.</p> Signup and view all the answers

<p>Lead users generate creative ideas to improve the product, contributing to the development of new product features.</p> Signup and view all the answers

<p>Introducing a new smell of a detergent can be considered a new product in some industries, as it provides a new experience for customers and can increase sales.</p> Signup and view all the answers

<p>Customers provide valuable insights, feedback, and ideas, making it essential to integrate them in each stage to develop successful products that meet customer needs.</p> Signup and view all the answers

<p>A major challenge is that customers may not accept the product due to its novelty, and companies can overcome this by launching a robust marketing campaign to educate the mass market about the product's value.</p> Signup and view all the answers

<p>It is essential because customers may not accept new products due to their novelty, and an example is the Dyson bagless vacuum cleaner, which was initially rejected but later became successful after customers understood its value.</p> Signup and view all the answers

<p>Introducing new products is important for creating a competitive position, allowing companies to control prices and differentiate themselves from competitors.</p> Signup and view all the answers

<p>The iPod is an example, and its benefits included saving 500 songs, ability to change songs, no need to carry many CDs/cassettes, and ease of carrying, among others.</p> Signup and view all the answers

<p>The level of technical activities varies across industries, with some industries experiencing more complicated processes, and this variation has implications for the resources and expertise required for NPD.</p> Signup and view all the answers

<p>Fax machines were initially rejected due to lack of perceived application, while microcomputers were initially not fully understood, suggesting that introducing new products can be challenging due to customers' limited understanding of their value and potential uses.</p> Signup and view all the answers

<p>It is important because initial rejection can occur due to novelty, and companies can mitigate this risk by launching a robust marketing campaign to educate customers about the product's value.</p> Signup and view all the answers

<p>Educating customers is crucial for the success of new products, as it enables them to understand the product's value and benefits, and companies must prioritize customer education to ensure the success of their products.</p> Signup and view all the answers

<p>Product failure, as customers may refuse to buy the product because it does not meet their needs or they are not aware of its value.</p> Signup and view all the answers

<p>Adopting S-NPD strategy contributes to the success of a new product by reducing operation costs, attracting new customers and increasing sales, and providing tax incentives.</p> Signup and view all the answers

<p>Key factors that influence the success of a new product include customer needs, value, and communication. These can be addressed by integrating customers in each stage of NPD and finding the right communication channel.</p> Signup and view all the answers

<p>The advantages of adopting a sustainable approach to NPD include reducing operation costs, attracting new customers and increasing sales, and providing tax incentives. It also minimizes negative impacts on society and the environment.</p> Signup and view all the answers

<p>Key challenges of introducing a new product include product failure, customer refusal, and lack of awareness. These can be addressed by integrating customers in each stage of NPD and educating them about the new product.</p> Signup and view all the answers

<p>Reducing energy consumption and material usage can reduce operation costs, attract new customers and increase sales, and provide tax incentives. It also minimizes negative impacts on society and the environment.</p> Signup and view all the answers

<p>Not considering sustainability criteria in the NPD process can lead to product failure, negative impacts on society and the environment, and increased operation costs.</p> Signup and view all the answers

<p>Customer involvement is crucial in each stage of NPD, including idea generation, concept development, and product introduction. It can impact the success of a new product by defining customer needs accurately and educating them about the new product.</p> Signup and view all the answers

<p>Finding the right customer groups to collect reliable information, finding ways to motivate them to participate, and using tools to capture customer knowledge.</p> Signup and view all the answers

<p>Customers help rank the ideas based on their importance, enabling the selection of the best concept that creates more value.</p> Signup and view all the answers

<p>Customers are involved in a wide range of development tasks, including defining the final product design, building a prototype, and defining the appropriate product features.</p> Signup and view all the answers

<p>Selecting the right customers ensures that the product reflects their needs and provides valuable and reliable information.</p> Signup and view all the answers

<p>Involving customers in each stage helps to ensure that the product reflects their needs, provides valuable information, and increases the likelihood of product success.</p> Signup and view all the answers

<p>Customers are involved in verifying product features and testing product performance, enabling the company to build customer service centers and ensure product quality.</p> Signup and view all the answers

<p>Key issues include involving customers in a wide range of development tasks, defining the final product design, and building a prototype.</p> Signup and view all the answers

<p>Distinguishing between existing and potential customers helps to identify different needs and preferences, enabling the development of products that meet their needs.</p> Signup and view all the answers

<p>The primary stages involved in the NPD process are idea generation, concept development, product development, and commercialization. These stages contribute to the development of a successful product by systematically transforming innovative ideas into tangible products that meet customer needs and generate profits.</p> Signup and view all the answers

<p>Market research is significant in the NPD process as it helps to identify customer needs, preferences, and behaviors, which in turn enables the development of products that meet customer requirements. Market research impacts the introduction of new products to customers by reducing the risk of product failure and increasing the chances of success.</p> Signup and view all the answers

<p>The benefits of adopting a sustainable approach to NPD include reducing energy consumption, minimizing material waste, and promoting environmentally friendly practices. This approach impacts the environment and society by reducing the ecological footprint of products and promoting a more sustainable future.</p> Signup and view all the answers

<p>Customers play a crucial role in the NPD process by providing valuable feedback, insights, and preferences that inform product development. They contribute to the development of successful products by helping to identify customer needs, testing product prototypes, and providing feedback on product performance.</p> Signup and view all the answers

<p>The consequences of product failure include financial losses, damage to brand reputation, and loss of customer trust. Product failure can be avoided through the NPD process by conducting thorough market research, involving customers in product development, and testing product prototypes to identify potential flaws.</p> Signup and view all the answers

<p>Educating customers about new products is significant because it helps to raise awareness about product features, benefits, and applications, which in turn can increase customer adoption and loyalty. Educating customers about new products impacts the success of new products by increasing customer understanding and reducing the risks associated with product failure.</p> Signup and view all the answers

<p>A product concept refers to a detailed description of a product's features, benefits, and applications, while a business opportunity refers to a potential market gap or unmet customer need. The primary difference between a product concept and a business opportunity relates to the concept of innovation, as a product concept is an output of innovation, while a business opportunity is an input that drives innovation.</p> Signup and view all the answers

<p>Lead users are customers who are ahead of the market trend and have a strong interest in innovative products. They contribute to the development of successful products by providing valuable insights, feedback, and suggestions that inform product development and improve product performance.</p> Signup and view all the answers

<p>The primary purpose of the concept generation stage is to identify business opportunities for new products by generating ideas that satisfy certain criteria, such as technical, commercial, and financial aspects.</p> Signup and view all the answers

<p>The product development stage involves translating the selected idea into a physical product or a new feature, while the product introduction stage involves testing and launching the new product to markets. Key activities in the product development stage include developing a prototype and testing its features, while key activities in the product introduction stage include launching the product and verifying its performance.</p> Signup and view all the answers

<p>Customer involvement is significant in the new product development process as it allows customers to provide feedback and ideas that can improve the product's features and performance. This can improve the chances of a new product's success by ensuring that the product meets the target market's needs and preferences.</p> Signup and view all the answers

<p>In the concurrent engineering approach, technical development involves the simultaneous development of product and process design, whereas in the traditional approach, technical development occurs sequentially after the product design has been finalized. Concurrent engineering allows for faster product development and reduced costs.</p> Signup and view all the answers

<p>The product life cycle shows that the demand for each product will decrease over time unless it is replaced by a newer version or its features are improved. This highlights the need for continuous new product development to stay competitive in the market. Failure to innovate can lead to product decline and eventual withdrawal from the market.</p> Signup and view all the answers

<p>The idea screening and selection stage is significant in the new product development process as it involves selecting the best product concept that satisfies certain criteria, such as technical, commercial, and financial aspects. Key criteria used to evaluate ideas include market demand, competition, technical feasibility, and financial viability.</p> Signup and view all the answers

<p>The linear new product development model involves a sequential approach to product development, whereas the concurrent engineering approach involves a simultaneous and interdependent approach to product development. The linear approach is simpler and easier to manage, but it can lead to delays and increased costs. The concurrent engineering approach is faster and more efficient, but it requires greater coordination and communication between teams.</p> Signup and view all the answers

<p>Strategic planning involves defining the company's overall strategy and objectives for new product development, including market positioning, target market, and product features. This stage relates to the commercialization stage, where the product is launched and marketed to the target market, by providing a clear direction and focus for the entire new product development process.</p> Signup and view all the answers

<p>Educating customers about new products is crucial for their success as it helps customers understand the benefits and value of the product, which can lead to wider acceptance and ultimately, success. This is evident in the example of the iPod, where a detailed explanation of its benefits led to its widespread adoption.</p> Signup and view all the answers

<p>Companies can mitigate the risk of initial rejection of new products by launching a robust marketing campaign to educate the mass market about the detailed value of the new product. It is important for companies to be prepared for this possibility because even if a product is developed with the help of some customers, others may not accept it due to its novelty.</p> Signup and view all the answers

<p>The level of technical activities is more intense in industries that experience more complicated processes, leading to a more complex NPD process.</p> Signup and view all the answers

<p>Products that are initially rejected by customers but later become successful, such as fax machines, microcomputers, and Dyson bagless vacuum cleaners, often have a novelty factor that makes them difficult for customers to understand. Companies can learn from these examples that educating customers about the benefits and value of the product is crucial for its success.</p> Signup and view all the answers

<p>Introducing totally new products to the market is important for creating a competitive position, as it allows companies to control prices and differentiate themselves from competitors.</p> Signup and view all the answers

<p>Companies benefit from involving customers as co-creators during the idea generation stage of NPD by gaining valuable insights and ideas that can lead to the development of successful products. This approach also helps to ensure that the product meets the needs of the target market.</p> Signup and view all the answers

<p>Not integrating customers in each stage of the NPD process can lead to product failure, as companies may not fully understand the needs of the target market, leading to a failure to create a product that meets those needs.</p> Signup and view all the answers

<p>The Chrysler Cruiser's success in the industry is significant because it was expected to appeal to a small market but went on to become widely accepted. Companies can learn from this example that even products that are not initially accepted can go on to become successful with effective marketing and education.</p> Signup and view all the answers

<p>Reducing energy consumption, reducing material consumption, adopting recycling programs, and other sustainability criteria.</p> Signup and view all the answers

<p>Customers may not be aware of the product's value or it may not meet their needs, leading to refusal to buy, which can result in product failure.</p> Signup and view all the answers

<p>Reducing operation costs and attracting new customers, leading to increased sales and revenue.</p> Signup and view all the answers

<p>Customers may not be aware of the product's value or it may not meet their needs, leading to refusal to buy; and not considering sustainability criteria, leading to negative impacts on society and environment.</p> Signup and view all the answers

<p>It ensures that customers' needs are accurately defined and met, leading to a successful product that meets their needs and expectations.</p> Signup and view all the answers

<p>Lead users can provide valuable insights and feedback, leading to a more successful product that meets their needs and expectations.</p> Signup and view all the answers

<p>Reducing negative impacts on society and environment, reducing operation costs, and attracting new customers, leading to increased sales and revenue.</p> Signup and view all the answers

<p>Customers provide valuable insights and feedback, leading to a product that meets their needs and expectations, and creating a competitive position in the market.</p> Signup and view all the answers