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Entrepreneurship and Product Development

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Entrepreneurship and Product Development

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Questions and Answers

What is the primary goal of an entrepreneur when creating a product prototype?

To validate the readiness of the product for commercialization
To simulate the product with friends or relatives
To create the most efficient and effective prototype (correct)
To identify errors and deficiencies in the competitor's product

What is the purpose of testing a product prototype?

To focus on the legality and ethical test of the product
To create a competitor's product or service test
To identify the final loopholes needed to be fixed before commercialization (correct)
To simulate the service with friends or relatives

What is the objective of a Focus Group Discussion (FGD) in product development?

To validate the readiness of the product for commercialization
To create a competitor's product or service test
To simulate the product with friends or relatives
To identify errors, deficiencies, and issues that may impede the success of the product (correct)

What is the purpose of a Competitor's Product or Service Test in product development?

To analyze the competitor's product or service (C) Signup and view all the answers

What is the primary benefit of testing a product prototype?

To identify the final loopholes needed to be fixed before commercialization (D) Signup and view all the answers

What is the purpose of a Safety Test in product development?

To ensure the product is safe for use (D) Signup and view all the answers

What is the primary goal of a Product Costing Test in product development?

To determine the cost of the product (B) Signup and view all the answers

What is the purpose of a Component Test in product development?

To test the individual components of the product (C) Signup and view all the answers

What is the primary benefit of a Legality and Ethical Test in product development?

To ensure the product is legally and ethically sound (D) Signup and view all the answers

What is the purpose of refining a product prototype?

To fix the final loopholes needed to be fixed before commercialization (C) Signup and view all the answers