Characteristics of Successful Product Development

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Questions and Answers

What is the definition of a product?

  • The production, sales, and delivery of a good
  • The economic success of most firms
  • Something sold by an enterprise to its customers
  • A term used to describe all goods, services, and knowledge (correct)

What is the role of product development in an organization?

  • Managing people with information for product evaluation
  • Identifying the needs of customers and creating products quickly at high cost
  • Identifying the needs of customers and creating products quickly at low cost (correct)
  • Perceiving market opportunities and ending in the production of goods

What is the characteristic of product quality in successful product development?

  • Meeting customer needs, robustness, and reliability (correct)
  • Market share and willingness of customers to pay
  • Incremental cost of producing each unit of the product
  • Manufacturing cost of the product

What does product cost determine in successful product development?

<p>Profit accruing to the firm for a particular sales volume and price (B)</p> Signup and view all the answers

What does development time measure in successful product development?

<p>The time taken by the team to complete the product development effort (C)</p> Signup and view all the answers

In successful product development, what is the primary focus of product quality?

<p>Meeting customer needs and being reliable and robust (A)</p> Signup and view all the answers

What does product cost determine in successful product development?

<p>Profit accrual for a particular sales volume and price (B)</p> Signup and view all the answers

What is the significance of development time in successful product development?

<p>Indicating the speed of completing the product development effort (C)</p> Signup and view all the answers

What is the ultimate aim of identifying market opportunities in product development?

<p>To create products that meet customer needs and can be produced at low cost (A)</p> Signup and view all the answers

What role does design play in successful product development?

<p>Formulating a plan to satisfy specific needs and creating physical reality (C)</p> Signup and view all the answers

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