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Questions and Answers
Which stage involves refining ideas and visualizing them as potential business opportunities?
Which stage involves refining ideas and visualizing them as potential business opportunities?
- Test Marketing Stage
- Product Development Stage
- Concept Stage (correct)
- Idea Stage
What initiates the Idea Stage in the product planning process?
What initiates the Idea Stage in the product planning process?
- The refinement of existing ideas
- The formation of entrepreneurial intent (correct)
- The production of a prototype
- The evaluation of customer feedback
During which stage is a prototype produced?
During which stage is a prototype produced?
- Idea Stage
- Concept Stage
- Product Development Stage (correct)
- Test Marketing Stage
Which statement accurately describes the Concept Stage?
Which statement accurately describes the Concept Stage?
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What occurs during the Test Marketing Stage?
What occurs during the Test Marketing Stage?
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Study Notes
Product Planning and Development Process
- Idea Stage involves forming business ideas from entrepreneurial intent and refining them through logic and creativity.
- Concept Stage focuses on refining and visualizing ideas that have potential as business opportunities.
- Product Development Stage is where the business idea becomes tangible through prototype creation.
- Test Marketing Stage introduces the product or service into the market, incorporating evaluations and feedback from potential customers to assess viability.
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