Question 1

Briefly discuss the impact of technology on the product life cycle.

Accepted Answer

Today, design is affected by the fact th...

Question 2

In entrepreneurial parlance, MVP stands for most valuable player.

Accepted Answer

A) True 
 B)False

Question 3

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

Accepted Answer

A)   Packaging design
B)   Parts and material sourcing
C)   Materials specifications
D)   Operator's and owner's manuals
E)   All of these are correct.

Question 4

All of the tasks in the product development cycle will take place; however, they often occur in parallel or out of order.

Accepted Answer

A) True 
 B)False

Question 5

Poor execution in product development results in missed opportunities to enter the market at a quiet time without immediate competition.

Accepted Answer

A) True 
 B)False

Question 6

The failure rate for new consumer products is somewhere between 10 and 30 percent.

Accepted Answer

A) True 
 B)False

Question 7

Research has revealed that the principal reason for new product failure is lack of

Accepted Answer

A)   copyrights.
B)   good market and industry analysis.
C)   inventories.
D)   field testing opportunities.
E)   patents.

Question 8

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

Accepted Answer

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

Question 9

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.

Accepted Answer

A)   clinical trial
B)   launch strategy
C)   market test
D)   prototype
E)   marketing plan

Question 10

Each time a new product or service or an improvement to an existing product or service is introduced, it will have gone through a complex design and development process.

Accepted Answer

A) True 
 B)False

Question 11

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?

Accepted Answer

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

Question 12

Poor execution in product development often results from

Accepted Answer

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.

Question 13

What are product development trade-offs? List some of the trade-offs an entrepreneur will face when doing product development.

Accepted Answer

Throughout the product development proce...

Question 14

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

Accepted Answer

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.

Question 15

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

Accepted Answer

A)   Invention disclosure
B)   Customer validation
C)   Feasibility testing
D)   All of these are correct.
E)   None of these are correct.

Question 16

Which of the following does customer identification or discovery ask?

Accepted Answer

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.

Question 17

All of the following are results of resource scarcity EXCEPT

Accepted Answer

A)   bottlenecks .
B)   the dumbing down of projects .
C)   a decline in team morale .
D)   economies of scale.
E)   work that must be redone .

Question 18

In the context of product development, which of the following would be good advice?

Accepted Answer

A)   Manage product development teams at a distance.
B)   Choose an outsourced partner based solely on price.
C)   Keep your research and development (R&
D)   people far from the customer.
D)   All of these are correct.
E)   None of these are correct.

Question 19

Poor execution, time-to-market increases, and missed first-to-market opportunities are some of the problems associated with

Accepted Answer

A)   lack of new product development (NP
D)   resources.
B)   failure to validate customers.
C)   failure to protect intellectual property.
D)   lack of cheap outsourcing opportunities.
E)   failure to identify customers.

Question 20

Because entrepreneurs always approach product development in the same systematic way that large companies do, they are affected by the need to address the weakest link in their new product strategy to avoid failure.

Accepted Answer

A) True 
 B)False

Exam 6: Prototyping and Validating a Solution

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.

Correct AnswerverifiedShow Answer

Poor execution in product development results in missed opportunities to enter the market at a quiet time without immediate competition.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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?

Correct AnswerverifiedShow Answer

In the context of product development, which of the following would be good advice?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

What are product development trade-offs? List some of the trade-offs an entrepreneur will face when doing product development.

Correct AnswerverifiedThroughout the product development proce...View AnswerShow Answer

The failure rate for new consumer products is somewhere between 10 and 30 percent.

Correct AnswerverifiedShow Answer

Research has revealed that the principal reason for new product failure is lack of

Correct AnswerverifiedShow Answer

All of the following are results of resource scarcity EXCEPT

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Poor execution in product development often results from

Correct AnswerverifiedShow Answer

Because entrepreneurs always approach product development in the same systematic way that large companies do, they are affected by the need to address the weakest link in their new product strategy to avoid failure.

Correct AnswerverifiedShow Answer

Briefly discuss the impact of technology on the product life cycle.

Correct AnswerverifiedToday, design is affected by the fact th...View AnswerShow Answer

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

Correct AnswerverifiedShow Answer

Poor execution, time-to-market increases, and missed first-to-market opportunities are some of the problems associated with

Correct AnswerverifiedShow Answer

Each time a new product or service or an improvement to an existing product or service is introduced, it will have gone through a complex design and development process.

Correct AnswerverifiedShow Answer

All of the tasks in the product development cycle will take place; however, they often occur in parallel or out of order.

Correct AnswerverifiedShow Answer

In entrepreneurial parlance, MVP stands for most valuable player.

Correct AnswerverifiedShow Answer

Which of the following does customer identification or discovery ask?

Correct AnswerverifiedShow Answer

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Throughout the product development proce...
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Today, design is affected by the fact th...
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