Product Development
When does the product development process end?
At the end of the product life cycle.
Why do many entrepreneurs get stuck on the first step?
They are waiting for the perfect idea.
What may happen when you start a product before validating it?
It can lead to it failing.
What is the goal of the prototyping phase?
To have a finished product to be mass produced.
What is costing?
A business analysis process where you take all the information gathered to find your cost of goods sold and determine retail price and gross margin.
What are some questions you should ask yourself while brainstorming your product.
How long do we need? What are the deadlines? How often will we meet? What are our goals?
Once you have created an idea what do you do next?
Write it down or draw it out.
What does product validation ensure?
You won’t waste time, money, and effort on an idea that won’'t sell.
What does prototyping involve a lot of?
Experimentation
What should your calculations include? (atleast 2)
Raw materials
Factory set up costs
Manufacturing costs
Shipping costs
Import fees
Why is a product development plan necessary?
It aligns the team, it creates checkpoints, it eliminates risk, it contains success metrics ,and it lets you get more creative.
What is a tool to help you develop an idea faster?
The scamper method.
What is atleast one of the ways that you can validate a prouduct?
Some of the ways that you can validate a product is by:
Send out an online survey to get feedback
Start a crowdfunding campaign
Test marketing
Research market demand using google trends
Gauge interest from pre-orders or email opt-ins
Asking for feedback on social media
Run a feasibility test to see whether your product is wort investing in
What is the process of source materials and production partners also referred to as?
Supply Chain
What happens when your product is ready to launch?
Have the marketing team launch it.
What is a product development plan?
A detailed plan with milestones and checkpoints that keeps a multi-disciplinary team on track and heading toward the same goal until product launch.
What is the scamper model?
The scamper model is a useful tool to quickly coming up with a product idea by asking questions about current products.
What should you have in your sketched outline?
Labels including functions
What is a supply chain?
The vendors, activities, and resources needed to create a product and get it into a customer’s hands.
What is one of the steps of the product development process?
Conduct market research
What does SCAMPER stand for? (say atleast 2 to get points)
What questions should your plan answer? (atleast one right)
Will your product be an everyday item or a seasonal product?
Will it be a luxury or price-accessible product?
Will it use premium materials or will it be enviormemtally friendly
What will the packaging and labels look like?
What is one thing you should do when finding manufacturers or suppliers?