The Best Product Development Strategy for Most Firms Is to

question 143

Multiple Choice

The best product development strategy for most firms is to

• A) develop a small number of products that achieve market success and stick with them, because constantly changing old products (or introducing new ones) can confuse and frustrate customers.
• B) maintain one product line while adding regularly to that product line over time to sustain customer interest.
• C) constantly monitor consumer wants and needs and be willing to develop new products and adapt policies and services as those consumer needs begin to change.
• D) focus on the actual product or service and don't worry too much about factors such as image, price, and service.

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Definitions:

Population Proportions

Fractions or percentages of a population that fall into various categories, often used in polling and survey results.

Estimator

A statistic used to estimate the value of a population parameter.

Simple Linear Regression

A statistical method that models the relationship between a dependent variable and one independent variable by fitting a linear equation to observed data.

Confidence Interval

A range of values derived from sample data that is likely to contain the true value of an unknown population parameter, expressed at a given confidence level.