Marcellis Is a Product Manager for a Major Electronics Company

question 6

Multiple Choice

Marcellis is a product manager for a major electronics company. His current project is the development and introduction of a new smartphone. Since there are a number of smartphones currently out on the market, Marcellis is concerned about product failure. Currently, Marcellis and his team are in the screening phase of the new product development process. Has his team already passed that phase that is best able to measure the product failure concern?

• A) Yes, the best phase is the idea screening phase.
• B) Yes, the best phase is the concept testing phase.
• C) No, the best phase is the business analysis phase.
• D) Yes, the best phase is the test marketing phase.
• E) No, the best phase is the test marketing phase.

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Definitions:

Demand Rises

Occurs when there is an increase in the quantity of a good or service that consumers are willing and able to purchase at a given price.

Economic Profit

The disparity measure in between overall returns and full expenses, including both exposed and indirect costs.

Market Supply

The total amount of a product that sellers are willing and able to sell across all relevant price levels within a given market.

Long Run

A period in which all factors of production and costs are variable, allowing firms to adjust fully to market changes.