Ideally,before a New Product Is Developed,a Firm Should Have a Precise

question 170

Multiple Choice

Ideally,before a new product is developed,a firm should have a precise protocol,which is a statement that identifies: (1) a well-defined target market; (2) __________; and (3) what the product will be and do to satisfy consumers.

• A) a clear plan for product distribution
• B) specific customers' needs, wants, and preferences
• C) an analysis of potential competitors' products
• D) a precise budget of how much can be spent for the marketing program
• E) clear financial goals and expectations

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Definitions:

Color-Blind Perspective

Refers to the ideology that disregards racial characteristics when considering people's rights, opportunities, and social interactions.

Early Majority

A group in the technology adoption lifecycle that represents approximately 34% of the population and adopts new technology after a sizable portion of the population has already adopted it, following innovators and early adopters.

Early Adopter

An individual or group who uses or purchases new products, technology, or services shortly after launch, often before the mainstream population.

Technology Adoption

The process of accepting and implementing new technology within an organization or society.