New Product or Service Design and Development (HSC SSCE Business Studies): Flashcards
📚Flashcards
Practise the cards
10 cards from this deck
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Practise the cards
10 cards from this deck
Consumer-driven approach to product design
Consumer-driven approach to product design
Market research identifies customer needs to shape product design
Technology-driven approach to product design
Technology-driven approach to product design
Tech innovations create products with new capabilities
Stage 1 of product development
Stage 1 of product development
Market research, product concept & specifications development
Stage 3 of product development
Stage 3 of product development
Prototype testing & market testing to identify issues early
Quality in product design
Quality in product design
How well a product meets customer expectations & performs
Output capacity
Output capacity
Maximum amount a business can produce with existing resources
Product utility
Product utility
Usefulness & value a product has from consumer's point of view
Explicit service
Explicit service
Tangible aspects: time, expertise, skill & effort applied
Implicit service
Implicit service
Intangible aspects: psychological wellbeing & feeling cared for
Key characteristic of services vs products
Key characteristic of services vs products
Services are intangible & consumed as they are produced