Product Prototyping and Suppliers Quiz
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Questions and Answers

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?

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

What is the purpose of prototyping in the inventing process?

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

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

<p>Offering goods and services to another business (A)</p> Signup and view all the answers

What does the term 'inbound logistics' include?

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

What are 'marketing and sales' activities related to?

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

What does the term 'service activities' include?

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

What is the purpose of a business model?

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

What does the term 'value proposition' refer to?

<p>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)</p> Signup and view all the answers

What is included in 'distribution channel'?

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

What is the significance of 'value chain'?

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

What does 'operations' refer to?

<p>Value-creating processes that transform inputs into products (C)</p> Signup and view all the answers

What is meant by 'business model innovation'?

<p>The development of business model construction and variation forming part of business plan (B)</p> Signup and view all the answers

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