Characteristics of Successful Product Development
10 Questions
0 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

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

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser