Why Are Businesses Interested in the Development of New Products

question 188

Multiple Choice

Why are businesses interested in the development of new products?

• A) The federal government encourages every product manufacturer to spend 1 percent of revenue on new product development.
• B) New products are necessary to stay in business.
• C) New products keep the warranty and service departments busy.
• D) New products provide the fun that marketing managers need.
• E) Product development provides an opportunity for large tax write-offs.

Distinguish between productive and counterproductive traits in leadership contexts.

Comprehend the role of competencies in defining managerial qualities appropriate to specific settings or roles.

Understand the factors that help managers cope with the demands of managerial jobs.

Differentiate between self-concepts, self-identities, social identities, values, and personality traits.

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Definitions:

Self-Actualizing Needs

The highest level in Maslow's hierarchy of needs, representing the pursuit of personal potential, self-fulfillment, and realizing one's abilities and talents.

Sales Message

Communication aimed at persuading potential customers to purchase or consider a product or service.

Central Selling Feature

The key attribute or benefit of a product or service that is emphasized in marketing or sales efforts.

AIDA Approach

A marketing model that stands for Attention, Interest, Desire, and Action, used to guide the process of advertising or communication to engage consumers effectively.