There Are Seven Stages of the New-Product Development Process

question 109

Multiple Choice

There are seven stages of the new-product development process. Stage 3 follows idea generation; it is the ________ stage.

• A) tactic generation
• B) screening and evaluation
• C) screening and analysis
• D) new-product strategy development
• E) product assessment

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Definitions:

Pricing

The process of determining the value that will be charged for goods or services offered by a business.

Promoting

The act of advertising or pushing forward an idea, product, or service to increase awareness and generate interest among potential customers.

Positioning Stage

The phase in marketing where a brand defines and communicates its unique value proposition and how it differs from competitors to target consumers.

Commoditization

The process where products become indistinguishable from each other in the eyes of the consumer, leading to competition primarily on price.