INTRODUCTION TO ENTREPRENEURSHIP
DEFINITION OF ENTREPRENEURSHIP
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
government investment.
|
|
|
market research.
|
|
|
financial planning.
|
|
|
knowledge in technology and science.
|
Detailed explanation-1: -A product evolution is a cycle where the products evolves in terms of features, functionalities, quality, offerings, technology etc. over time to better serve its purpose and customer needs. This may be due to several reason and the new technology developments are prime reason for this.
Detailed explanation-2: -Idea Generation The new product development process begins with idea generation, where you brainstorm an idea (or ideas) that will help you solve an existing customer problem in a new and innovative way.
Detailed explanation-3: -Stage 1: Ideation or Idea Generating The first step in the new product development process is ideation or idea generation.
Detailed explanation-4: -There are four stages in a product’s life cycle-introduction, growth, maturity, and decline. A company often incurs higher marketing costs when introducing a product to the market but experiences higher sales as product adoption grows.