Financial Analysis in Product Development
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Financial Analysis in Product Development

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Questions and Answers

What is a key aspect of the NPD process mentioned in the text?

  • Rejecting market insights
  • Avoiding business planning
  • Ignoring customer feedback
  • Implementing customer insights (correct)

    • What is the first stage in the NPD process according to the text?

  • Business and financial analysis
  • Concepting phase
  • Ideas generation (correct)
  • Product development

    • What phase involves testing out the new product idea with a select few people?

  • Initial screening
  • Marketing analysis
  • Product development
  • Concepting phase (correct)

    • What is the final phase in the NPD process described in the text?

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

    Which stage considers if the new product will add a revenue stream to the business?

    <p>Business and financial analysis</p> Signup and view all the answers

    What should businesses do with customer feedback according to the text?

    <p>Implement it actively</p> Signup and view all the answers

    Why is concepting phase important in NPD?

    <p>To test out the product idea initially</p> Signup and view all the answers

    Which phase in NPD involves continuous monitoring and evaluation of the product?

    <p>Post-launch evaluation</p> Signup and view all the answers

    What does the NPD process involve after product development?

    <p>Post-launch evaluation</p> Signup and view all the answers

    Why is it essential to activate insights gained about customers' needs?

    <p>To ensure business growth and relevance</p> Signup and view all the answers

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