The Core Purpose of the Prototyping Process and Developing a Prototype

question 8

Multiple Choice

The core purpose of the prototyping process and developing a prototype is to get a response from a target customer. This is important mainly because ____________.

• A) Customers have all the answers about product faults
• B) The entrepreneur may instantly act on the feedback given
• C) The entrepreneur can compare his perception to that of his customers
• D) The feedback can later on be filtered
• E) Target customers opinions are most illuminating

Discuss the role of government intervention in correcting market failures.

Understand the difference between a centrally planned economy and a market economy.

Describe the principle of the "invisible hand" and its impact on market outcomes.

Explain the concept of externality and its significance in economics.

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Definitions:

Customer Relationships

The ongoing interactions and bonds formed between a company and its customers, aiming to enhance satisfaction and loyalty.

Marketing Tactics

Specific strategies used by companies to attract customers, promote products, and achieve marketing objectives.

Zone of Tolerance

is a concept in service marketing that refers to the range within which customers are willing to accept variations in service delivery and quality.

Customer Expectations

The set of assumptions or standards held by customers regarding the quality, service, performance, and value of a product or service that they plan to purchase.