Customer Needs and Wants Are the Logical Place to Start

question 83

Essay

Customer needs and wants are the logical place to start the search for new product ideas.Identify four ways a company can draw new ideas from its customers.

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Definitions:

Joint Products

Two or more products that are generated from a common set of inputs through a single manufacturing process.

Scrap Value

Scrap value is the estimated residual value of an asset at the end of its useful life, often considered when calculating depreciation.

Financial Advantage

The benefit obtained in financial terms, which can be through gains in revenues, reductions in costs, or improved profitability.

Reworked Material

Materials that have been corrected or modified after initial processing to meet the required standards.