A New Product Department Is Excited About a New Concept

question 62

Multiple Choice

A new product department is excited about a new concept for a suntan lotion that goes on blue and fades away as the ability of the lotion to protect skin disappears. Projected sales, growth and profit looked very promising. The idea has been passed to R & D to determine if the product could be feasibly made. At this point, the new product department's idea is in the stage.

• A) concept testing
• B) idea generation
• C) commercialisation
• D) concept development
• E) test marketing

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Definitions:

Probability Sampling

A sampling method where each member of the population has a known, non-zero probability of being selected in the sample.

Sample Proportion

The fraction or percentage of the sample that possesses a certain property or characteristic.

Probability

An indicator of the probability or risk that a certain event will happen, represented by a numerical value ranging from 0 to 1.

Population Mean

The average of a set of numerical values, calculated by summing all the observations and dividing by the total number of observations in the population.