Which of the Following Statements Is True of New Product

question 105

Multiple Choice

Which of the following statements is true of new product development?

• A) It typically involves dramatic innovations that require extensive customer learning.
• B) It requires an understanding of the customer base and involves creativity.
• C) It works only when it involves long-term research and monitoring.
• D) It involves less risk and ensures a high success rate.

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Definitions:

Questionnaires

Tools used for collecting data from respondents through a series of questions to gather information for research purposes.

Delphi Technique

A structured communication technique or method, originally developed as a systematic, interactive forecasting method which relies on a panel of experts.

Time and Costs

Factors related to the duration and financial expenditure required to complete a project or activity.

Demand Forecasting

The practice of predicting the future demand for a product or service based on historical sales data, analysis, and market trends.