Which of the Following Is True of New Product Categories

question 37

Multiple Choice

Which of the following is true of new product categories?

• A) If a product is new-to-the-world, the risks and uncertainties faced by the firm are higher.
• B) If a product is new-to-the-firm, the associated costs of development and launch tend to be lower.
• C) Generally, all the new product categories are innovations.
• D) New product categories have to be managed in a similar fashion.

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Definitions:

Prior Probabilities

Initial estimates of the probabilities of events.

Probabilities

The assessment of the probability that a particular event will take place.

Combinations

A method of counting that determines the number of possible arrangements in a collection without regard to the order of the elements.

Experimental Outcomes

Possible results or occurrences that can happen in an experiment, each outcome having a certain probability of occurring.