Idea Development (Junior Cert Business Studies): Flashcards
📚Flashcards
Practise the cards
12 cards from this deck
ShowHide
Practise the cards
12 cards from this deck
How many steps in product development?
How many steps in product development?
Seven steps
What is idea screening?
What is idea screening?
Filter to evaluate & select most promising ideas
What is a USP (Unique Selling Point)?
What is a USP (Unique Selling Point)?
Feature making product stand out from competitors
What is the break-even point?
What is the break-even point?
Units to sell to cover all development & production costs
What is a prototype?
What is a prototype?
Test model or sample of the product
Purpose of test marketing
Purpose of test marketing
Get customer feedback before full launch with small test group
Final step in product development
Final step in product development
Launching the product or service
Five sources of new product ideas
Five sources of new product ideas
Employees, customers, research, competitors, technology
Purpose of a feasibility study
Purpose of a feasibility study
Test if idea can be produced profitably in reasonable time
Key financial consideration in product development
Key financial consideration in product development
Regular cost analysis to ensure profitability
Why collect regular customer feedback?
Why collect regular customer feedback?
To align product with customer expectations & needs
What prototypes help identify
What prototypes help identify
Production problems before full-scale manufacturing