7 Questions
What are some methods for identifying customer needs in product development?
Surveys, interviews, research, focus groups, and observations
Why is analyzing existing competitive products important in product development?
To establish product or service specifications
What is a possible innovation for a product according to the text?
Changes in packaging
What is a Unique Selling Proposition (USP) in product development?
The factor or consideration presented by a seller as the reason that their product or service is different from and better than that of the competition
What is the final stage of concept development in product development?
Selecting a final product concept through evaluation between attributes
What is innovation in product development?
The introduction of something new in a product or service, such as a new idea, method, or device
What must be done to discover a Unique Selling Proposition (USP) in product development?
Use empathy, identify customer desires, and discover the genuine reasons for buying the product or service
Study Notes
Product Development and Unique Selling Proposition
- Customer needs can be identified through surveys, interviews, research, focus groups, and observations.
- Target specifications are established based on customer needs and reviews of competitive products.
- Analyzing existing competitive products is important to establish product or service specifications.
- Product concepts are generated after going through the previous processes.
- A final product concept is selected through evaluation between attributes and additional market research can be applied to obtain feedback from key customers.
- Product or service specifications are refined based on input from the previous activities.
- Economic implications are reviewed and estimated throughout the process of product development.
- A detailed development plan is prepared in the final stage of concept development.
- Innovation is the introduction of something new in a product or service, such as a new idea, method, or device.
- Possible innovations for products include changes in packaging, taste, color, size, shape, and price.
- Unique Selling Proposition (USP) is the factor or consideration presented by a seller as the reason that their product or service is different from and better than that of the competition.
- To discover a USP, one must use empathy, identify customer desires, and discover the genuine reasons for buying the product or service.
Do you know the key steps in product development and how to identify a Unique Selling Proposition (USP)? Take this quiz to test your knowledge and learn more about customer needs, competitive analysis, product concepts, innovation, and USPs. Discover how to differentiate your product or service from the competition and attract more customers.
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