During the First Stage of the New-Product Development Process, Two

question 178

Multiple Choice

During the first stage of the new-product development process, two important activities take place. They are

• A) a SWOT analysis and environmental scanning.
• B) open innovation and business analysis.
• C) concept testing and product forecasting.
• D) R&D and operations setup.
• E) environmental scanning and open innovation.

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Definitions:

Market Method

A valuation method used to determine the fair value of assets and liabilities, based on their selling prices in active markets.

LIFO

Last-In, First-Out, an inventory valuation method where the most recently acquired items are recorded as sold first.

Retail Inventory Method

An accounting method used to estimate inventory cost for retail businesses by applying a constant gross margin percentage.

Gross Profit Ratio

A financial metric that measures a company's gross profit as a percentage of its revenues, indicating efficiency in using labor and supplies.