From an Ethical Perspective, Describe the Importance of Competence

question 1

Essay

From an ethical perspective, describe the importance of competence. ​

Understand the role of consumer needs and feedback in guiding new product idea generation and screening.

Identify various types of adopters in the product adoption process, including their characteristics and motivations.

Describe the stages of the new-product development process and the critical activities involved in each.

Understand the concept of crowdsourcing and its application in idea generation for new products.

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Definitions:

Activity-Based Costing

An accounting method that assigns costs to products or services based on the activities required to produce each product or service, aiming for more precise cost allocation.

Overhead Cost

All indirect costs associated with the operation of a business, including administrative expenses, depreciation, and utilities.

Activity-Based Costing

A costing methodology that identifies activities in an organization and assigns the cost of each activity to all products and services according to the actual consumption.

Machine-Hours

A measure of production time, calculated by multiplying the number of machines used by the number of hours they operate.