Product Development and Business Growth: Process & Strategies


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question 1 of 3

Which of the following is an example of product development?

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1. Your company wants to ask questions in order to gain some specific answers about the product, such as: 'On a scale of 1 to 10, how would you rate this product?' In order to do so, your company has asked 100 people 20 questions and is assessing the data. Which of the following is this an example of?

2. How do focus groups help companies in developing new products?

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About This Quiz & Worksheet

Focusing on how to best make a business successful, this quiz and corresponding worksheet will help you gauge your knowledge of product development. To excel on the quiz, you'll need to be able to define key terms.

Quiz & Worksheet Goals

Use this printable worksheet and interactive quiz to review these definitions:

  • Product development
  • Focus groups
  • Competitor product analysis
  • Surveys
  • Profitability
  • Return on investment

Skills Practiced

This worksheet and quiz will let you practice the following skills:

  • Interpreting information - verify you can read information regarding the role of focus groups and interpret it correctly
  • Reading comprehension - ensure that you draw the most important information from the related product development lesson
  • Defining key concepts - ensure that you can accurately define main phrases and terms, such as return on investment and profitability

Additional Learning

To learn more about this topic, review the corresponding lesson called Product Development and Business Growth: Process & Strategies. This lesson will help you:

  • Understand what product development is
  • Explain why a company needs to stay current in the marketplace
  • Identify the main ways to collect marketing research
  • Describe when a focus group would be appropriate to a company
  • Appreciate the main goal for product development