A process is what a business does when it takes some raw material and converts it into a valuable output. This does not apply to service businesses.

While services go through the same four stages of a product life cycle, it can be somewhat easier to extend the life cycle and to virtually eliminate the decline stage of a service.

When coming up with a new idea in the product development process, the focus is on the pains and gains of customers.

Your personal network are people you have encountered in the physical world, while your social network are the people you know online.

An established company can come up with sales forecasts by looking at their sales for the past week, month, or quarter—called organic traffic—and project forward.

The concept of total product includes how customers think about your product.

Most industries have both broad mass markets and narrow niche markets.

When considering all types of possible business outcomes, bankruptcy, a workout, and a walkaway are forms of termination techniques.

One way to go about obtaining committed customers prior to start-up is to start your new business as a spin-off from your current employer’s business.

When pricing your product, the optimum price is the highest price that will produce your desired level of sales in your intended market.