What is this process called?

To strengthen its market presence, ABC Group decided to develop a new product. A cross-functional team was formed to discuss the scope and the functions of the product. They will also survey the potential customers to see what they like, what they love, and what they dislike.

What is this process called?
A . Value analysis
B. Cash flow analysis
C. Product standardisation
D. Value engineering

Answer: D

Explanation:

As you can see from the scenario, ABC Group is developing the new product. It might be using value engineering. The latter sentences confirm this: the cross-functional team in ABC is mapping the functions and surveying the customers. Their method is known as Kano model.

Reference: CIPS study guide page 171-172

LO 3, AC 3.4