During the Market Strategy Development Stage of the New Product

question 75

Multiple Choice

During the market strategy development stage of the new product development process, the marketing department prepares a marketing strategy statement. Which of the following elements would NOT normally be included in the statement?

• A) the planned sales, profit and market share goals for the first few years after launch
• B) a description of the target market
• C) an outline of the promotional activity required for product launch
• D) the planned value proposition
• E) the planned price, distribution and marketing budget for the first year

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Definitions:

Conceptual Framework

A system of ideas and objectives that guide the development, preparation, and interpretation of financial reporting information.

FASB

Stands for the Financial Accounting Standards Board, an independent organization responsible for establishing accounting and financial reporting standards for companies and non-profit organizations in the United States.

Qualitative Characteristics

Features that make financial information useful to users, including relevance and faithful representation, among others, guiding the preparation and presentation of financial statements.

GAAP

A group of customary accounting regulations and benchmarks used in financial reporting.