Question 1

For software products, giving a _____ to a limited group of early adopters to test functionality and usability will provide important feedback.
A) free sample
B) clinical trial
C) beta version
D) complementary product
E) None of these are correct.

Accepted Answer

Beta version is the correct term for a pre-release version of a software product given to a limited group of users to test its functionality and usability.

Question 2

Approximately _____ percent of new product development (NPD) projects don't include vital market research.
A) 1 0
B) 25
C) 35
D) 50
E) 75

Accepted Answer

The answer of Approximately _____ percent of new product development...

Question 3

The initial margins for a new line of cosmetics that Kim has developed are slim due to development costs. She is wondering whether they will improve with economies of scale. Which of the following product development trade-offs is Kim dealing with?
A) Product cost vs. development costs
B) Features vs. schedule
C) Features vs. development costs
D) Features vs. product cost
E) Product cost vs. capital expenditures

Accepted Answer

Kim is dealing with the trade-off between product cost and development costs. Initially, the margins are slim due to high development costs, but she anticipates that these costs will be spread out as production scales up, potentially improving margins. This reflects the classic trade-off between the initial investment in developing a product and the unit cost of producing that product.

Question 4

In the context of customer validation and design, which  of the following is NOT asked by the new product checklist?
A) W ill I be the first in the marketplace with this product?
B) D o customers have to change their behavior to adopt this product?
C) C an it be cheaply manufactured?
D) A re there ways to enhance the product over time?
E) Is there a viable business model for this product?

Accepted Answer

Can it be cheaply manufactured? is not asked by the new product checklist.

Question 5

Opportunity recognition, feasibility, and prototype development are elements of
A) the industry life cycle.
B) the  product development cycle.
C) the  trademark process.
D) a  new product checklist.
E) successful product realization.

Accepted Answer

Opportunity recognition, feasibility, and prototype development are elements of the product development cycle.

Question 6

Which of the following entrepreneurs would NOT design a physical prototype?
A) Luis, who is planning to open a new restaurant
B) Thelma, who has created a new erasable pen
C) Brayden, who has created a new digital watch
D) Luke, who has created a new cleaner for vinyl records
E) Emma, who has created a new foot massager

Accepted Answer

Luis, planning to open a new restaurant, would not need to design a physical prototype in the same way as inventors of tangible products like pens, watches, record cleaners, or foot massagers. His venture would focus more on service, menu, and ambiance rather than a physical product to be prototyped.

Question 7

Poor execution in product development often results from
A) a  preference for speed.
B) n ot enough people doing the work.
C) excessive  market research.
D) s ignificant due diligence.
E) resource scarcity.

Accepted Answer

A preference for speed can lead to poor execution in product development because it can result in cutting corners and not taking the time to properly plan and execute the project.

Question 8

Which of the following areas of product development would be suitable for outsourcing?
A) Packaging design
B) Parts and material sourcing
C) Materials specifications
D) Operator's and owner's manuals
E) All of these are correct.

Accepted Answer

All of these areas of product development are suitable for outsourcing. Packaging design, parts and material sourcing, materials specifications, and the creation of operator's and owner's manuals can all be effectively handled by specialized external firms or contractors, allowing a company to leverage specific expertise and potentially reduce costs.

Question 9

During the final phase of the product development cycle, an entrepreneur must decide whether to
A) license the technology to another company to develop it into applications.
B) sell the technology.
C) joint venture with another company that has the resources that the entrepreneur needs.
D) start a business to make and distribute the product.
E) All of these are correct.

Accepted Answer

During the final phase of the product development cycle, an entrepreneur has several options for bringing their product to market, including licensing the technology, selling the technology, entering into a joint venture, or starting a business to manufacture and distribute the product. Each of these options can be a viable path depending on the entrepreneur's resources, goals, and the nature of the product.

Question 10

Entrepreneurs have a dilemma of how to perform research and development (R&D) that will result in a high-quality, engineered _____ as quickly and as inexpensively as possible with limited resources.
A) clinical trial
B) launch strategy
C) market test
D) prototype
E) marketing plan

Accepted Answer

The correct answer is "prototype" because R&D efforts in entrepreneurship are typically focused on developing a high-quality, engineered prototype of a product. This allows entrepreneurs to test, refine, and eventually market their innovations. Clinical trials, launch strategies, market tests, and marketing plans are subsequent steps or different aspects of bringing a product to market.

Question 11

Invention disclosure and concept development occur during which task of the product development cycle?
A) Opportunity recognition
B) Prototype development
C) Discovery
D) Feasibility
E) Execution plan

Accepted Answer

The answer of Invention disclosure and concept development occur during...

Question 12

Product development trade-offs can be viewed as
A) ways to increase limited resources.
B) an invention strategy.
C) an invention disclosure.
D) part of the patent regulatory requirements.
E) a set of contradictions or conflicts.

Accepted Answer

Product development trade-offs often involve making decisions between conflicting requirements or constraints, such as cost versus quality, or speed to market versus thorough testing. These are not about increasing resources, strategies, disclosures, or regulatory requirements, but about managing inherent contradictions in the development process.

Question 13

_____ is defined as the activity that transforms a set of requirements into a format that brings all the elements into an integrated whole or system.
A) Product design
B) Feasibility analysis
C) Prototyping
D) Industry analysis
E) SWOT analysis

Accepted Answer

Product design is the process that involves transforming a set of requirements into a cohesive and functional product, integrating all necessary elements into a complete system.

Question 14

An issue to consider in the _____ trade-off is to make sure that features that take the most development talent also add the most value for customers.
A) features vs. product cost
B) product cost vs. capital expenditures
C) features vs. schedule
D) features vs. development costs
E) product cost vs. development costs

Accepted Answer

The trade-off between features and development costs involves ensuring that the features requiring significant development resources provide substantial value to customers, justifying the investment.

Question 15

Which of the following is a technical problem that causes product failure?
A) The product definition may be incorrect.
B) The product definition may provide features and benefits that the customer does not value.
C) The problem development team may not spend enough time defining the problem.
D) None of these are correct.
E) All of these are correct.

Accepted Answer

All the options listed are examples of technical problems that can lead to product failure. Incorrect product definition, features that don't align with customer values, and inadequate time spent on problem definition can all undermine the success of a product.

Question 16

Customer identification or discovery, customer validation and design, and _____ are all categories within the product development cycle.
A) product protection
B) value creation
C) outsourcing
D) product creation
E) business creation

Accepted Answer

The answer of Customer identification or discovery, customer validation and...

Question 17

Which of the following goes hand in hand with the first stages of design?
A) Invention disclosure
B) Customer validation
C) Feasibility testing
D) All of these are correct.
E) None of these are correct.

Accepted Answer

The answer of Which of the following goes hand in...

Question 18

All of the following are results of resource scarcity EXCEPT
A) bottlenecks .
B) the dumbing down of projects .
C) a decline in team morale .
D) economies of scale.
E) work that must be redone .

Accepted Answer

Economies of scale occur when a company's production increases, leading to a decrease in the cost per unit. This concept is not a result of resource scarcity but rather an effect of increased efficiency and production scale.

Question 19

Which of the following statements about a minimum viable product (MVP) is true?
A) It is always the preferred way to gauge customer interest in a product.
B) It is an excellent way to gauge customer interest for all types of products.
C) The goal of the MVP is to attract initial customers who can guide the direction of the product .
D) It is the least valuable if your product concept adopts incremental innovation.
E) If early adopters don't like your MVP, it typically means that the product is not viable.

Accepted Answer

The goal of an MVP is indeed to attract initial customers who can provide feedback and guide the future development of the product. This approach helps in refining the product based on actual user needs and preferences.

Question 20

Which of the following does customer identification or discovery ask?
A) Who is the primary customer?
B) Who is the customer that will pay most?
C) Who is the last customer?
D) All of these are correct.
E) None of these are correct.

Accepted Answer

Customer identification or discovery primarily focuses on understanding who the primary customer is, aiming to tailor products or services to meet their needs effectively.

Quiz 6: Prototyping and Validating a Solution

For software products, giving a _____ to a limited group of early adopters to test functionality and usability will provide important feedback.

Approximately _____ percent of new product development (NPD) projects don't include vital market research.

The initial margins for a new line of cosmetics that Kim has developed are slim due to development costs. She is wondering whether they will improve with economies of scale. Which of the following product development trade-offs is Kim dealing with?

In the context of customer validation and design, which of the following is NOT asked by the new product checklist?

Opportunity recognition, feasibility, and prototype development are elements of

Which of the following entrepreneurs would NOT design a physical prototype?

Poor execution in product development often results from

Which of the following areas of product development would be suitable for outsourcing?

During the final phase of the product development cycle, an entrepreneur must decide whether to

Entrepreneurs have a dilemma of how to perform research and development (R&D) that will result in a high-quality, engineered _____ as quickly and as inexpensively as possible with limited resources.

Invention disclosure and concept development occur during which task of the product development cycle?

Product development trade-offs can be viewed as

_____ is defined as the activity that transforms a set of requirements into a format that brings all the elements into an integrated whole or system.

An issue to consider in the _____ trade-off is to make sure that features that take the most development talent also add the most value for customers.

Which of the following is a technical problem that causes product failure?

Customer identification or discovery, customer validation and design, and _____ are all categories within the product development cycle.

Which of the following goes hand in hand with the first stages of design?

All of the following are results of resource scarcity EXCEPT

Which of the following statements about a minimum viable product (MVP) is true?

Which of the following does customer identification or discovery ask?