In the Concept Testing Stage of New-Product Development,a Product Concept

question 87

Multiple Choice

In the concept testing stage of new-product development,a product concept in ________ form is presented to groups of target consumers.

• A) physical or symbolic
• B) experiential
• C) final
• D) market-tested
• E) commercial

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Definitions:

Personal Costs

Expenses borne directly by an individual, including out-of-pocket payments and the opportunity costs of alternative actions.

Economic Activity

All activities related to the creation, dissemination, and use of products and services in an economy.

Scarce Resources

Resources that are limited in supply and cannot meet all the demands placed on them by humans.

Rational Decision

A rational decision is a choice made by comparing the anticipated outcomes, where the best possible result is selected based on some consistent criterion.