Product Development and Needs Assessment

Questions and Answers

What are needs?

New ideas introduced in a product or service

The ways to differentiate products from competitors

Requirements essential for survival and optimal functioning (correct)

Desires or aspirations that individuals seek to attain

A _____ is a concise statement of the value your company creates in the world.

Value Proposition

What is a Unique Selling Proposition (USP)?

A procedure for performing economic analysis

The fundamental reason a customer should buy from your company

The defining factor that differentiates a product or service from the competition (correct)

A marketing practice to create brand awareness

What is the first step in the product development process?

Analyze Competitive Products Signup and view all the answers

Innovation refers to the introduction of something new in your product or service.

True Signup and view all the answers

What is the purpose of refining product specifications?

To provide product teams the information they need to build new features or functionality. Signup and view all the answers

What does performing an economic analysis involve?

Evaluating costs and benefits of a project or investment Signup and view all the answers

Branding involves creating a name, symbol, or design to identify and differentiate your product or _____ from the rest.

services 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 covers the foundational concepts of needs and wants, along with the essential steps in product development. Explore how analyzing competition, generating ideas, and refining specifications contribute to creating viable products. Test your understanding of value propositions and economic analysis in the development process.