Why Are Businesses Interested in the Development of New Products

question 188

Multiple Choice

Why are businesses interested in the development of new products?

• A) The federal government encourages every product manufacturer to spend 1 percent of revenue on new product development.
• B) New products are necessary to stay in business.
• C) New products keep the warranty and service departments busy.
• D) New products provide the fun that marketing managers need.
• E) Product development provides an opportunity for large tax write-offs.

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Definitions:

Chunking Memory

A process by which individual pieces of information are grouped together into larger units, making them easier to remember.

Working Memory

A cognitive system responsible for temporarily holding and manipulating information necessary for complex tasks such as learning, reasoning, and comprehension.

Larger Units

Larger units refer to comprehensive or expanded quantities, whether measuring physical items, data, or concepts, indicating a scale greater than standard or previously referred to measures.

Visual Imagery

The mental representation of visual experiences, including sights, shapes, and colors, which can be recalled or imagined without the stimulus being present.