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Unit 6: Product Plan

Entreprenership: Unit 6: Product Planning

QuestionAnswer
What best describes the "Maturity" stage in the product life cycle? The stage where the product reaches its peak sales and market saturation
During what stage of the product life cycle does the product experience a rapid increase in sales and market acceptance? Growth
True or False: The product life cycle refers to the six stages that a project goes through, from planning to closure. False
During what stage, in the development of a product, does the project team define project objectives, scope, deliverables, and timelines? Planning
What is the purpose of the product life cycle in project planning? To identify the stages a product will progress through from development to retirement
What does a sales report provide valuable insights into? Profit margins and cost of goods sold
Why is a tiered pricing structure commonly used? To increase revenue and encourage customer loyalty
True or False: Sales analysis identifies trends and customer preferences. True
True or False: Inventory turnover ratio measures the number of times inventory is sold and replaced within a specific period. True
Why is a sales report a valuable tool? It identifies the most popular products.
What is the primary goal of prototyping in product development? Testing the feasibility of the product
True or False: A new product created to help test the market is called a prototype. True
True or False: Market research is only conducted at the beginning of the product development process. False
During the product development process, what phase focuses on refining the product design and preparing it for production? Prototyping
What is the primary purpose of market research and analysis in product development? To identify customer needs and preferences
Created by: user-1774101
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