The New-Product Development Process Is

question 46

Multiple Choice

The new-product development process is

• A)the informal process of brainstorming to generate new-product concepts at a marketing staff meeting.
• B)the process of presenting cross-functional teams with a written new-product concept statement and asking them to respond to it in writing.
• C)the seven stages an organization goes through to identify business opportunities and convert them into salable products or services.
• D)the two stages an organization goes through from idea generation to commercialization.
• E)a formalized protocol for new-product development that begins at the corporate level and ends at the functional level.

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Definitions:

Short-run Cost Function

The costs a company incurs in the production of goods or services within a short period, considering some inputs are fixed.

Long-run Cost Curve

A graphical representation showing the minimum cost at which a firm can produce any given level of output in the long run, when all inputs are variable.

Hair Dryers

Electrical devices used to blow dry hair by emitting warm air.

Economies of Scope

Cost advantages that arise from a firm or company expanding its product line or markets, exploiting shared resources or technologies.