The Main Goal of the Global Product Development Process Is

question 19

Multiple Choice

The main goal of the global product development process is to:

• A) come up with a single standard product or product line suitable for all global markets
• B) expand the number of different new-product offerings so that individual country needs are more likely to be met
• C) develop every product for potential worldwide distribution and adaptation to other countries
• D) come up with new-product ideas in the United States and use global markets as test markets
• E) repeat the steps in the process with marketing teams in each and every foreign country targeted

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Definitions:

Withholds Output

A strategy where a firm or supplier limits the supply of a product to increase demand or prices.

Perfect Competition

A market structure characterized by a large number of buyers and sellers, homogenous products, and the free entry and exit of firms, leading to price-taking behavior.

Market Price

The price at which a good or service is bought and sold in a marketplace, determined by the forces of supply and demand.

Perfect Competitors

Firms operating in a market where there are many sellers and buyers, products are homogenous, and there is free entry and exit from the market.