Say That You Have an Idea for a New Product

question 45

Multiple Choice

Say that you have an idea for a new product. Before you start a business to produce it,you want to see if people might actually buy it. You build a prototype of the product and show it to people. By doing this,you are conducting a

• A) first-mover test.
• B) advantage test.
• C) competitor analysis.
• D) financial analysis.
• E) concept test.

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Definitions:

Consumer Ethnocentrism

The tendency to believe that it is inappropriate, indeed immoral, to purchase foreign-made products.

Economic Integration

The process by which countries reduce barriers to trade and coordinate their economic policies to improve economic cooperation and integration.

Global Marketing

The process of conceiving and executing marketing activities that recognize the differences and similarities across international boundaries.

GDP

Gross Domestic Product, a measure of the economic performance of a country, representing the total value of all goods and services produced over a specific time period.