After Identifying a Group of Potential Customers,your Next Step Is

question 33

Multiple Choice

After identifying a group of potential customers,your next step is to _____.

• A)find out what they think of your product idea
• B)find funding for your product
• C)manufacture a prototype
• D)collate the industry data that you've collected

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Definitions:

Cost Function

A mathematical relation that describes how production costs change with variations in the level of output.

Competitive Price

A pricing strategy that aims to attract customers by setting product prices similar or lower than rivals in the market.

Tragedy Of The Commons

A situation in which individuals, acting independently and rationally according to their own self-interest, behave contrary to the best interests of the whole by depleting or spoiling shared resources.

Nash Equilibrium

A situation in a non-cooperative game where no player can benefit by changing strategies while the other players keep theirs unchanged.