Entrepreneurship Quiz

In broader concept product include all of the following except

• services

• people

• all are products

• goods

• image

Why new product development is very vital in modern business world?

• because of short product and technology life cycle

• tough competition from global and local competitors

• because of government regulation

• all except C

• E. all of the above

Once the opportunity is selected, and a business model has been designed, the next step is to develop?

• business plan preparation

• a commercial version of the opportunity

• design marketing strategy

• preparation for market test

In the various stages of new product development process where the design and prototype of Product developed is called?

• Business Analysis

• Commercialization

• Product Development

• Market test

Under commercializing stage if the entrepreneur chooses Parallel Entry then advantage/s he/ she can get is?

• The company can learn the size of the market

• The competition will have borne the cost of educating the market

• opting for the latest technology and production process

• better understanding of the consumers preference

________protects any new invention or functional improvements on existing inventions.

• design patent

• Process patent

• utility patent

• Composition of matter patent

From the following one is not true about trademark

• is a contract between an inventor and the government

• A trademark is may be a word, symbol or design

• Unlike the patent, a trademark can last indefinitely

• all are true

According to the Ethiopian 2003 proclamation, in order to be granted a patent It must be 'non-obvious' this indict the product/service should not be?

• published or publicly used before

• An invention which would have occurred to any specialist working in the relevant field.

• Easily imitated

• Traditional and old

Developing rough estimates of costs, sales, and profits are performed in the _____ step in the New-Product Development Process.

• development

• Commercialization

• Idea generation

• Screening

• Marketing strategy development

The benefit that customers get by using product to satisfy their need minus associated costs

• Product package

• Product design

• product attributes

• Product value