It is the conversion of raw materials into finished goods that are acceptable to the customer’s standards.

What is new product development?

The main reason for prototyping is to validate the idea and this is the step in converting an idea to a real product.

The FUNCTIONAL PROTOYPES focuses on the looks and not so much on the function.

It is the marketing message that details what a product is and why it is worth purchasing.

It refers to the mode by which the product concept seeks to make money so that it can have a sustainable operation.

Product development follows several stages such as generating ideas, research, product development, testing, analysis, and product introduction.

It refers to the process to be followed in effectively manufacturing or delivering a product or service.

These are basic tools to produce goods or to generate services.

These are items to be used in creating a product or performing a service.

It refers to human resources.

It refers to storing the finished goods manufactured in a facility until they are distributed to end users.

It is process of efficiently transferring the products to retailers or consumers.

It refers to the overall process of managing how resources are acquired, stored, and transported to their final destination

It is process of appointing third party manufacturers to do the production process which saves the entrepreneur in buying expensive machineries.

It is a hardware system for processing card payments at retail locations.

Employees/machine operators should undergo rigorous training before they operate equipment.

It enumerates the duties and responsibilities of the potential employee, including the scope, limitations, and terms and conditions of employment.

It is a job contract offer where the terms and conditions (position, responsibilities, salary and benefits, work schedule, regularization etc.) of employment are discussed.

Agents get the product in advance to demonstrate them live to the customers. If unsold, agents just return the merchandise to the manufacturers.

They negotiate with buyers as to how much or how many are to be sold, so the manufacturer will be able to deliver the goods directly to the buyer. They will get commission for every product sold.

It is the process of bringing products or services to customers.

It is a detailed flowchart of the service business.

Service Delivery Process is a step by step guide of the employees and the manufacturing equipment.

Input refers to the materials or ingredients to be used),_________ is the transformation phase or procedures, and Output refers to the final product.

It must be made before the business begins to generate income from the sales of product. It includes the costs of raw materials, packaging, staff training, product promotion etc.

These are expenses associated with the maintenance and administration of a business on a day-to-day basis.

It is the cost of acquiring or manufacturing the products that a company sells during a period.

It is the financial benefit realized when revenue generated from a business activity exceeds the expenses

It summarizes the amount of cash and cash equivalents entering and leaving a company.

It is the process of predicting the future based on the past and present data and analysis of trends.

It is the needed amount of money to buy the facilities and equipment, to register and license the business and get the necessary certificates.

Operating Costs is also known as expenses.

Those expenses that must be paid even if no production takes place are called VARIABLE COSTS.

It is a month-by-month forecast of the level of sales you expect to achieve.

It estimates the amount of money you expect to flow in (receipts) and out (payments) of your business, including projected income and expenses.

The formula for solving profit is _______________.

Electricity and Water bills is an example of ______________

Raw Materials (Ingredients) is an example of _____________.

Forecasting sales is calculated by Selling price per unit multiplied by the number of units sold.