The New-Product Process Refers to

question 339

Multiple Choice

The new-product process refers to

• A)the informal process of "brain storming" to generate new-product concepts at a marketing staff meeting.
• B)the process of presenting cross-functional teams with a written new-product concept statement and asking them to respond to it in writing.
• C)the seven stages an organization goes through to identify business opportunities and convert them into salable products or services.
• D)the two stages an organization goes through from idea generation to commercialization.
• E)a formalized protocol for new-product development that begins at the corporate level and ends at the functional level.

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Definitions:

Standardized Test

A test administered and scored in a consistent manner to ensure uniformity across different test takers or groups.

Test Statistic

A calculated value from sample data used to make decisions about the validity of a hypothesis.

Two-tail Test

A statistical test where the critical area of a distribution is two-sided and tests whether a sample is greater than or less than a certain range of values.

P-value

The probability of observing results as extreme as those observed in a study, under the assumption that the null hypothesis is true.