Entrepreneurship and Small Business (ESB) Certification Practice Exam

In which stage of the development process are you if you create a new product and take samples to a focus group for feedback?

1. Prototype Development

2. Market Strategy Creation

3. Product Launch

4. Concept Development

The correct answer is: Market Strategy Creation

The stage in which you are creating a new product and taking samples to a focus group for feedback is most accurately described as Prototype Development. This stage involves taking the initial concept of a product and turning it into a tangible version that can be tested and evaluated. The feedback gathered from focus groups is crucial during this phase as it helps identify potential improvements or necessary adjustments before moving on to the next steps in the product development cycle. Market Strategy Creation, while important, typically occurs after prototypes have been developed and tested, focusing on how to position and sell the product in the market rather than the product's design itself. Product Launch refers to the introduction of the final product to the market, which happens well after feedback has been incorporated into the prototype. Concept Development takes place before the prototype is created, concentrating on the initial ideas and concepts of the product rather than its design and usability. Thus, engaging focus groups for feedback on a product prototype clearly aligns with Prototype Development.