Podcast
Questions and Answers
Which of the following is NOT a benefit of product development for a company?
Which of the following is NOT a benefit of product development for a company?
- Reduced production costs (correct)
- Improved product design
- Researching new materials
- Increased market share
What is the primary reason why companies need to develop new products or services?
What is the primary reason why companies need to develop new products or services?
- To satisfy customer needs
- To improve brand image
- To stay ahead of competitors (correct)
- To increase profit margins
What aspect of product development focuses on understanding the target audience's preferences?
What aspect of product development focuses on understanding the target audience's preferences?
- Determining product dimensions (correct)
- Identifying product components
- Researching materials
- Designing the product's appearance
What is the purpose of creating multiple design versions from different perspectives?
What is the purpose of creating multiple design versions from different perspectives?
What is the primary factor driving Apple's decision to release larger screen iPhones?
What is the primary factor driving Apple's decision to release larger screen iPhones?
Which step in the product development process involves understanding how different components will work together?
Which step in the product development process involves understanding how different components will work together?
What two aspects are crucial to evaluate when testing a product prototype?
What two aspects are crucial to evaluate when testing a product prototype?
What aspect of product development is essential for maintaining quality standards and profitability?
What aspect of product development is essential for maintaining quality standards and profitability?
What is one of the main aspects of planning when developing a solution?
What is one of the main aspects of planning when developing a solution?
When evaluating a market problem, what is the most important factor to consider in determining the scope of your solution?
When evaluating a market problem, what is the most important factor to consider in determining the scope of your solution?
What is the primary purpose of brainstorming and mind mapping during the solution development process?
What is the primary purpose of brainstorming and mind mapping during the solution development process?
What does the author suggest is the importance of researching your proposed solution?
What does the author suggest is the importance of researching your proposed solution?
How can the source evaluation template help you in the research process?
How can the source evaluation template help you in the research process?
What is the main difference between a feature and a benefit?
What is the main difference between a feature and a benefit?
Why is it crucial to come up with a list of features and benefits for your solution?
Why is it crucial to come up with a list of features and benefits for your solution?
Which of the following is NOT an example of a feature of a television?
Which of the following is NOT an example of a feature of a television?
How can understanding the causes and effects of a market problem help you develop a better solution?
How can understanding the causes and effects of a market problem help you develop a better solution?
Flashcards
Product Development
Product Development
The process of modifying or creating products to meet customer needs.
Customer Need
Customer Need
A requirement or demand from customers that the product aims to satisfy.
Prototype Testing
Prototype Testing
The phase where product models are tested to ensure they solve the identified needs.
Product Design
Product Design
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Vision Statement
Vision Statement
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Material Research
Material Research
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Entrepreneurial Solution
Entrepreneurial Solution
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User-Centric Design
User-Centric Design
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Planning in Entrepreneurship
Planning in Entrepreneurship
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Marketability
Marketability
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Market Problem
Market Problem
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Evaluate Market Problem
Evaluate Market Problem
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Brainstorming Solutions
Brainstorming Solutions
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Features vs Benefits
Features vs Benefits
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Value Proposition
Value Proposition
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Research in Entrepreneurship
Research in Entrepreneurship
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Top 3 Solutions
Top 3 Solutions
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Study Notes
Product Development Process
- Product development modifies or creates new products to meet customer needs.
- It involves research, design, addressing identified needs, and prototype testing.
- Fast-paced trends necessitate constant product/service innovation for business survival.
- Development helps improve society, particularly in disease cures.
Improving Product Design
- Product development reveals design improvements and material research options.
- Comprehensive testing ensures product quality, meeting customer needs and maintaining profits.
- Designing and developing a product requires multiple designs, redesigns, and tests.
Product Development Steps
- Write a vision (clear details of look and function)
- Create a design (identifying components and materials)
- Define ideal size/dimensions (consider customer preferences)
- Research component function and interoperability.
- Research materials.
- Create alternative designs (from different perspectives: seller, customer).
Entrepreneurial Solutions
- Entrepreneurial solutions address specific customer needs, not just any new product or service.
- They arise from careful evaluation, planning, and research, to solve market problems.
Developing Entrepreneurial Solutions: Steps
- Plan: Create a structured list of tasks with deadlines
- Evaluate Market Problem: Analyze its causes, effects then prioritize solution scope
- Develop Solutions: Brainstorm, mind map solutions addressing key customer challenges, selecting top 3 options.
- Research: Validate solutions against the market problem; gather data supporting potential customer impact
- Determine Features and Benefits: Identify the product's features and the value they provide.
Features vs. Benefits
- Feature: What a product has (e.g., color, remote, screen size).
- Benefit: The value or usefulness derived from the feature (e.g., enhanced viewing experience, convenient use, larger image).
- Features and Benefits define a product's uniqueness and value proposition, attracting customers.
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