1. It refers to the process of making new product to be sold by a business?

Answer: Product Development

2. This involve modification, formulation of a new product?

Answer: Product Development

3. It refers to a process of identifying a market opportunity, creating a product, testing, and modifying product ready for
production?
Answer: development

4. It refers as the important things in society that an individual person cannot live.
Answer: Needs

5. It refers as a luxury and extravagance that signify wealth and expensive way of living.
Answer: Wants

6-9.
Give an example of needs based on the discussion:
1. basic commodities for consumption, 2. clothing and other personal belongings, 3. shelter, sanitation and health,
and 4. education.

10-15. Example of wants.

16-23: Give the stages of concept development.

16. In what stage of concept development do you use survey forms, questionnaire, and interviews to identify customer
needs/wants?

Answer: Identify Customer Needs

17. It is a stage in concept development where we analyze existing products to provide important information in establishing
product or service specification.

Answer: Analyze competitive product

18. It is a stage in concept development where we develop a product concept to illustrate the product or services that are
feasible.

Answer: Generate product concepts

19. It is a stage of concept development where we review the economic implications such as developing expenses,
manufacturing cost, selling price and so on.

Answer: Perform economic analysis.

20. It is a stage where we prepare a development plan which include the list of activities, necessary resources and expenses,
development schedule and tracking progress.

Answer: Plan the remaining development project