Question 1

What is a market segment?

Accepted Answer

A market s...

Question 2

A _____ is a narrowly defined group of potential customers with a fairly specific set of needs.

Accepted Answer

A)  market segment
B)  niche
C)  market share
D)  concentrated market

Question 3

Market segments can be a group of potential customers in a geographic location.

Accepted Answer

A) True 
 B)False

Question 4

Customers buy products to satisfy _____ needs and expect to derive some value or _____ from them.

Accepted Answer

A)  unmet / benefit
B)  material / profit
C)  unmet / pleasure
D)  logical / satisfaction

Question 5

In addition to being creative people, entrepreneurs are generally also ______

Accepted Answer

A)  only moderately intelligent
B)  willing to take risks
C)  from poor backgrounds
D)  from large families

Question 6

An example of place utility would be:

Accepted Answer

A)  car rental company at a busy airport
B)  document delivery service
C)  a banner maker able to install banners at the place of business within 24 hours
D)  commercial real estate agent

Question 7

To be protected from patent infringement in several countries outside the U.S., you have to apply for a U.S.patent as well as an international patent.

Accepted Answer

A) True 
 B)False

Question 8

Identify the seven steps in the product development process.

Accepted Answer

The product development process can be b...

Question 9

The key to coming up with a great product idea is finding a product you are passionate about.

Accepted Answer

A) True 
 B)False

Question 10

Large companies seek all of their product ideas from those outside the organization, including current customers.

Accepted Answer

A) True 
 B)False

Question 11

If you end up selling 12,000 pairs of shoes the first year, how much profit will you make?

Accepted Answer

A)  approximately $240,000
B)  zero
C)  approximately $840,000
D)  approximately $1,920,000

Question 12

If a footwear maker's latest jogging shoe is considered a "purple cow," the line has _____.

Accepted Answer

A)  incremental appeal
B)  marginal value
C)  modest potential
D)  great potential

Question 13

A market segment is best characterized as a group of _____.

Accepted Answer

A)  stores that sell similar products
B)  manufacturers who produce similar products
C)  potential customers with common characteristics
D)  consumers with comparable incomes

Question 14

A product is something that can be marketed to customers because it provides them with a benefit and satisfies a need.

Accepted Answer

A) True 
 B)False

Question 15

Within the footwear industry there are several groups of customers, each of which is called a(n)  _____.

Accepted Answer

A)  market segment
B)  niche
C)  market
D)  sub-industry

Question 16

Conceivably, Connie could get new product or service ideas from _____.

Accepted Answer

A)  suppliers
B)  employees
C)  customers
D)  all of these

Question 17

According to the Small Business Administration, 10% of all new product innovations come from small businesses.

Accepted Answer

A) True 
 B)False

Question 18

If your proposed business was a frozen yogurt store in Michigan, you could get an estimate of the number of customers you might have if you asked those leaving a bakery in California if they'd buy frozen yogurt in the winter.

Accepted Answer

A) True 
 B)False

Question 19

To come up with good businesses ideas you should do all of the following _____.

Accepted Answer

A)  have lots of ideas
B)  ask yourself what you want to sell
C)  be creative
D)  seek product ideas from people inside your organization

Question 20

Which of the following is/are approaches used to forecast demand for a product?

Accepted Answer

A)  reviewing industry data on the internet
B)  speaking with competitors
C)  speaking with potential customers
D)  all of these approaches.

Exam 7: Product Design and Development

If a footwear maker's latest jogging shoe is considered a "purple cow," the line has _____.

Correct AnswerverifiedShow Answer

The key to coming up with a great product idea is finding a product you are passionate about.

Correct AnswerverifiedShow Answer

What is a market segment?

Correct AnswerverifiedA market s...View AnswerShow Answer

A product is something that can be marketed to customers because it provides them with a benefit and satisfies a need.

Correct AnswerverifiedShow Answer

Within the footwear industry there are several groups of customers, each of which is called a(n) _____.

Correct AnswerverifiedShow Answer

According to the Small Business Administration, 10% of all new product innovations come from small businesses.

Correct AnswerverifiedShow Answer

Which of the following is/are approaches used to forecast demand for a product?

Correct AnswerverifiedShow Answer

If you end up selling 12,000 pairs of shoes the first year, how much profit will you make?

Correct AnswerverifiedShow Answer

In addition to being creative people, entrepreneurs are generally also ______

Correct AnswerverifiedShow Answer

Market segments can be a group of potential customers in a geographic location.

Correct AnswerverifiedShow Answer

Identify the seven steps in the product development process.

Correct AnswerverifiedThe product development process can be b...View AnswerShow Answer

Customers buy products to satisfy _____ needs and expect to derive some value or _____ from them.

Correct AnswerverifiedShow Answer

If your proposed business was a frozen yogurt store in Michigan, you could get an estimate of the number of customers you might have if you asked those leaving a bakery in California if they'd buy frozen yogurt in the winter.

Correct AnswerverifiedShow Answer

A market segment is best characterized as a group of _____.

Correct AnswerverifiedShow Answer

An example of place utility would be:

Correct AnswerverifiedShow Answer

To come up with good businesses ideas you should do all of the following _____.

Correct AnswerverifiedShow Answer

Conceivably, Connie could get new product or service ideas from _____.

Correct AnswerverifiedShow Answer

Large companies seek all of their product ideas from those outside the organization, including current customers.

Correct AnswerverifiedShow Answer

A _____ is a narrowly defined group of potential customers with a fairly specific set of needs.

Correct AnswerverifiedShow Answer

To be protected from patent infringement in several countries outside the U.S., you have to apply for a U.S.patent as well as an international patent.

Correct AnswerverifiedShow Answer

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A market s...
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The product development process can be b...
View Answer

Customers buy products to satisfy _ needs and expect to derive some value or _ from them.

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