QUIZ

• Product and Service Development (PSD) Process encompasses much more than just the production of a product or the creation of procedures for delivering a service
• • Ideation Evaluate the ideas with the most promising potential for success in the markeT
• • Prototyping Once an idea has been selected, the company must prototype its proposed product or service
• • Testing Determine if the product functions as intended or if the desired service offering appeals to the target audience
• • Refinement Once the prototype has been enriched with the analysis feedback, the final product or service can be crafted and delivered to the market
• Cost is all the money spent to manufacture a product or provide a service
• Direct materials are the raw materials or components used directly in the production process of the final product
• Direct labor refers to the cost of labor involved in producing a product. It includes wages, salaries, and benefits of employees
• Customer-Value Objective. The value determines the price of a product or service or its benefits to customers
• 1.       Customer-Driven Objective. The price is established depending on how much the customer is willing to pay.
• Premium Pricing. The price of a product or service is set to a high price point to create a perception of higher quality
• Penetration Pricing. The initial price of the product or service is intentionally set at a low level to swiftly enter a competitive market, gain a loyal customer base, and generate rapid sales, with the plan of increasing the price later
• Bundle Pricing. This pricing strategy is where multiple products or services are offered together at a discounted price
• Physical Office. Office layouts have changed from cubicles to open, spacious areas that promote collaboration and increase employee visibility.
• Process or functional layout. This layout is helpful if there is a low production need. In this type of layout, machinery and equipment are positioned according to the nature or type of operations
• Selling – Also known as personal selling, is a face-to-face selling technique by which a salesperson uses interpersonal skills to persuade a customer to purchase a particular product by highlighting various features
• Paid media is when companies use public relations, marketing, and promotional activities they create and pay for themselves
• Process – A set of steps that help businesses figure out customer problems, look at market opportunities, and make marketing materials to reach the people they want to see
• Start-up costs refer to the expenses a business incurs before its operations. These costs include the various bills and expenditures that must be covered in preparation for the business's grand launch
• Cash requirements provide an essential assessment of a start-up company's initial funds in its checking account during its commencement.
• Current Assets. These assets can be converted to cash within one business operation year
• Income Statement. a financial statement that shows a company's revenues, expenses, and net profit over a specific period of time
• Loans are the most common form of funding for small and medium-sized businesses
• 1.       Love money. It is money given to a spouse, parents, friends, or other loved ones. It is commonly known as

  "patient capital," which will be repaid as your business's profits rise
• Cash – Physical money in the form of coins and banknotes
• 1.       Dividends – Income earned from owning stocks or shares in companies
• Employee training – Costs related to training and development opportunities for its employees
• Revenue. It is a measurement of a company's total gross activity
• Operating activities detail cash flow generated once the company delivers its regular goods or services, including revenue and expenses
• Branding. This process involves the creation of a unique brand identity for a company