What Is the Purpose of the Screening Stage of the Product

question 245

Short Answer

What is the purpose of the screening stage of the product development process?
To identify potential production problems
To identify the benefits which consumers want
To actively seek out ideas for new products
To eliminate all ideas that do not mesh with the firm's objectives, abilities, or expertise
To compare costs and benefits of the proposed product

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Definitions:

Utility Function

A mathematical representation in economics that describes how different goods or bundles of goods satisfy a consumer's needs and preferences.

Budget Constraint

An economic model representing all the combinations of goods and services a consumer can afford, given their income and the prices of goods.

Income

The financial gain or money received by an individual or household from various sources like work, investments, or transfers, over a period of time.

Apples

A popular fruit known for its variety and nutritional value often used in culinary dishes and beverages.