Product Development Is a Strategy That Seeks Increased Sales by Improving

question 73

True/False

Product development is a strategy that seeks increased sales by improving or modifying present products or services.

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Definitions:

Product Cost

The total of costs directly tied to the production of a product, including raw material, labor, and overhead.

Oil Lubricants

Substances applied to reduce friction and wear between surfaces in mutual contact, which ultimately extends the life of machinery.

Factory Plant

A facility where industrial or manufacturing processes occur, often including buildings and machinery.

Factory Overhead

Costs incurred in the production process that cannot be directly linked to specific products, such as maintenance, utilities, and salaried personnel.