Product Prototyping and Suppliers Quiz

Play an AI-generated podcast conversation about this lesson

What is the purpose of identifying your distribution channel?

To achieve higher sales by reaching the most convenient customers (correct)
To reduce the value of your product or service
To limit the number of customers your business caters to
To avoid any distribution channel and focus only on direct selling

What are key activities in a business related to?

Minimizing the value proposition to reduce costs
Achieving the value proposition and other essential operations (correct)
Ignoring the value proposition and focusing only on customer needs
Selling the product or service to any customer

Why is it important to identify and distinguish customer needs?

To ignore the needs of your customers and focus on product development only
To make your business profitable by meeting the needs of your customers (correct)
To increase the cost of your product or service
To limit the products or services offered to customers

What does identifying your customer help with?

Ensuring that your product or service reaches the right customers for profitability (D) Signup and view all the answers

What is the purpose of prototyping in the inventing process?

To duplicate a product as it will be produced, including details such as color, graphics, packaging, and directions (B) Signup and view all the answers

What is the main role of a supplier in the business's supply chain?

Offering goods and services to another business (A) Signup and view all the answers

What does the term 'inbound logistics' include?

Supplies or materials, warehousing or safekeeping, and inventory control of these items (B) Signup and view all the answers

What are 'marketing and sales' activities related to?

Getting a buyer or customer to purchase a product or service (D) Signup and view all the answers

What does the term 'service activities' include?

Those that maintain and enhance a product’s value—giving customers more than what they paid for – such as after sales customer support (D) Signup and view all the answers

What is the purpose of a business model?

Describes the reason of how an organization creates, delivers, and captures value in economic, social cultural, social or another context (A) Signup and view all the answers

What does the term 'value proposition' refer to?

The reason why your customers buy your product or service over your competitors because of the benefit they receive from your product or service (A) Signup and view all the answers

What is included in 'distribution channel'?

The means of how your product or service will reach your customers (D) Signup and view all the answers

What is the significance of 'value chain'?

A method or activities by which a company adds value to an item with production, marketing, and the provision of after-sales service (C) Signup and view all the answers