Product Flashcards

All 6 cards in this deck

Why must a business consider the needs of the target market when designing a new product?

So the design and features match what those customers want, which makes them more likely to buy it.

Give one risk of developing a new product.

Any one of: high research, design and launch costs; the product may fail to sell; it may damage the existing brand image.

Give one benefit to a business of innovation (bringing out new or improved products).

Any one of: it attracts new customers and increases sales; it spreads risk across more products; it can replace products that are in decline.

What is product design?

Planning the appearance, features and function of a product before it is made.

What is invention in business?

The creation of a completely new product or idea that did not exist before.

What is innovation in business?

Improving or developing an existing product or idea and bringing it to the market.