During the Technical Development Phase of the New Product Development

question 132

Multiple Choice

During the technical development phase of the new product development process,a physical version of the product is developed;it is called a ________.

• A)test market
• B)focus group
• C)business analysis
• D)product concept
• E)prototype

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Definitions:

Legislation

A set of laws and regulations enacted by governmental bodies.

Marginal Products

The addition to total output due to the employment of one more unit of a specific factor of production, keeping all other factors constant.

Wage Rates

The fixed amount of compensation or payment given to employees for their services, typically expressed per hour or per unit of work.

Income Effect

The change in an individual's or economy's purchasing power due to a change in real income.