Product Development and Consumer Needs

Questions and Answers

What are 'needs'?

Requirements essential for an individual to survive and function optimally

The first step in product development is to analyze _____ products.

competitive

What are 'wants'?

Desires or aspirations individuals seek to attain or possess

What is the purpose of generating product concepts?

To develop several concepts that meet target specifications Signup and view all the answers

What happens in the 'select a product concept' step?

A final concept is selected after evaluation and market research feedback Signup and view all the answers

What are product specifications?

Requirements that provide information for building new features or functionality Signup and view all the answers

What does performing economic analysis involve?

Evaluating costs and benefits to check project viability Signup and view all the answers

What is included in planning the remaining development project?

A detailed development plan with activities, resources, expenses, and milestones Signup and view all the answers

What is a value proposition?

The fundamental reason a customer should buy from your company Signup and view all the answers

What defines a unique selling proposition (USP)?

The defining factor that differentiates a product or service from the competition Signup and view all the answers

What is innovation in product development?

The introduction of something new in a product or service Signup and view all the answers

What is branding?

A marketing practice of creating a name, symbol, or design to differentiate products Signup and view all the answers

Study Notes

Needs and Wants

Needs are essential requirements for survival and optimal functioning.
Wants represent desires or aspirations influenced by personal preferences and societal factors.

Product Development Steps

Analyzing competitive products helps gauge current demand and devise strategies to surpass competitors.
Generating product concepts involves creating multiple ideas that meet defined target specifications.
Selecting a product concept is done through evaluation processes and market research to gather customer feedback.
Refining product specifications includes defining necessary requirements for product teams to develop features and functionalities.
Performing economic analysis assesses costs versus benefits, determining project viability or investment opportunities.
Planning the remaining development project requires outlining activities, resources, expenses, and schedules with milestones for progress tracking.

Key Concepts

A value proposition is a clear statement conveying the unique value a company offers to customers, driving purchasing decisions.
Unique Selling Proposition (USP) differentiates a product or service from competitors with a defining feature.
Innovation is the introduction of new ideas, methods, or devices in a product or service context.
Branding is a strategic marketing practice that creates distinct names, symbols, or designs for products, serving as a promise to consumers.

Description

This quiz explores essential concepts of needs and wants, focusing on their impact on product development. It covers steps involved in creating successful products, including analyzing competition, refining specifications, and planning development. Test your understanding of the product development process and the role of market research.