Product Concepts
A prototype used to test functionality.
What is a Minimum Viable Product (MVP)?
The market stage where you develop a concept for a product or service.
What is the Idea stage?
One way to research a service is to survey customers or place these
What are phone calls?
The general term for a method used to get a product from the manufacturer to the end user
What is a Distribution Channel?
An example of the type of external quality standard, such as a local health or safety department.
What is a local health & safety inspector/government regulatory agency/industry leader?
This process substitutes high-quality components with low-cost ones to reduce production costs.
What is Value Engineering?
When sales volume is high and continues to grow, a company is said to have reached this
What is Product/Market Fit?
The distribution method that uses a subscription fee and is delivered over the Internet, like Dropbox.
What is Software as a Service (SaaS)?
The type of distribution that is the shortest, least complicated, and has no intermediaries.
What is Direct Distribution?
The overall business benefit of having quality control, besides delivering a consistent product or service
What is "Boost bottom line & increase customer satisfaction?"
The phase in product/market fit development where a business begins to earn revenue.
What is the Monetization stage?
The phase where sales gain momentum and growth begins.
What is the Traction stage?
The financial drawback of leasing equipment is that it costs more of this in the long run.
What are up-front costs?
An example of a fulfillment service that receives, processes, and fills customer orders on behalf of a company.
What is a Fulfillment Center?
The first and second steps in the four-step internal quality control process.
What are "Set or Determine quality standards" and "Establish testing methods?"
This is measured by how well a product or service successfully serves its user's purpose.
What is Quality?
In the Prototype stage, a company creates the MVP and develops this
What is a value hypothesis?
This is one of the three major drawbacks of "building" a digital product internally instead of using SaaS.
What is... it is time consuming/expensive/requires knowledge & experience/requires extra staff?
Selling products through intermediaries like wholesalers, agents, or retailers.
What is Indirect Distribution?
Two types of external groups or bodies that can determine quality standards for a company.
What are government regulatory agencies and industry leaders?
The ISO defines this as "The totality of features and characteristics of a product or service that bears on its ability to satisfy stated or implied needs."
What is the ISO definition of quality?
This is the final phase immediately before a company is said to "Find product/market fit."
What is the Growth stage?
The two distinct cost factors a company must bear when they buy office space instead of leasing it.
What are maintenance & repair costs and property taxes?
In indirect distribution, this is usually determined by the number of middlemen involved.
What is the price a consumer pays for a product?
This step is taken after the results of internal quality tests are reviewed.
What is Refine & improve the process?