For a new product concept to be feasible, product developers must have at least the following
inputs:
end-user benefit/need and technology
Ergonomics can be best defined as:
studying human characteristics in order to develop appropriate designs.
In the Lean Product Process, the MVP
refers to Minimum Viable Product: the minimum functionality the customer considers viable
In the Build – Measure – Learn Loop, we
recognize outcomes from testing and apply learning to the next iteration of the Loop.
In developing the most effective configuration of bristles for its Oral-B toothbrush, Gillette
studied the habits of people in brushing their teeth, making for a more user-friendly design. In
this process, Gillette is applying
ergonomics
When using price bundling as a pricing strategy,
“b” and “c” are correct
If three-pronged blivets are characterized by inelastic demand, and the producer raises the
price,
total revenue will increase, but demand will decrease
Consumers are likely to be more sensitive to the price of a product or service when:
the consumer is aware of substitutes
According to Gerard Tellis, author of “Beyond the Many Faces of Price,” complementary
pricing and price bundling are both pricing strategies to help the firm in
managing the product mix.
In the growth stage of the business life cycle a firm is best advised to pursue
market development strategies.
First quarter analysis of price elasticities of demand for widgets indicate the following: for
blue widgets, E = .22, while for red widgets, E = 3.89. From this analysis we can conclude
that, most likely,
blue widgets have few, if any, substitutes
Customer lifetime value
is the net present value of future cash flows as projected from a customer relationship.
With prototyping, designers should:
“a” and “b” are correct
