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:

Extraneous Variable

A variable that is not the focus of a study but could influence the results if not controlled or accounted for.

Independent Variable

In a study, the variable that the researcher alters or adjusts to study its impacts on the dependent variable.

Dependent Variable

In experimental and statistical research, the variable being tested and measured, which is expected to change under the influence of the independent variable.

Artificial Settings

Environments created or manipulated by researchers to study behavior in controlled conditions, which may not perfectly mimic real-life situations.