New-To-The-World Products Are ________

question 111

Multiple Choice

New-to-the-world products are ________.

• A) low-cost products designed to obtain an edge in highly competitive markets
• B) new product enhancements that supplement established products
• C) new versions of an existing product that has been less successful
• D) new products that create an entirely new market
• E) existing products that are targeted to new geographical markets

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Definitions:

Entrepreneurship

Entrepreneurship is the act of creating, managing, and running a new business or venture, taking on financial risks in the hope of making a profit.

Small Firms

Businesses characterized by a small number of employees, low revenue, or limited market share.

Driving Innovation

The act of pushing forward new ideas, technologies, or methods to create value.

Entrepreneurial Process

A sequence of steps that an individual or group takes to identify a new business opportunity, develop a plan, and then implement the plan to create a new venture.