There Are Seven Stages of the New-Product Development Process

question 263

Multiple Choice

There are seven stages of the new-product development process. After screening and evaluation is stage 4, the ________ stage.

• A) idea generation
• B) creative direction
• C) business analysis
• D) new-product strategy development
• E) market testing

---

Definitions:

Classical Self-Correction Mechanism

A theory suggesting that free markets are capable of automatically adjusting to and correcting economic imbalances.

Recessions

A temporary downturn in the economy marked by decreased trade and industrial activities, typically recognized by a decline in Gross Domestic Product (GDP) for two consecutive quarters.

Keynesian Analysis

An economic approach that emphasizes the role government can play in smoothing out the fluctuations in the economy through fiscal and monetary policy.

Macroeconomic Equilibrium

A state in which aggregate supply equals aggregate demand, meaning all goods and services produced are purchased, without any involuntary inventory buildup.