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:

Voidable

A term describing a contract or transaction that remains valid until one party takes action to void it, often due to elements like fraud or misrepresentation.

Worthless Cheque

A cheque that cannot be processed because the account it is drawn on does not have sufficient funds.

Innocent Purchaser

An individual who buys property without knowledge of any existing claims, liens, or encumbrances against it.

Consideration

The worth, including currency, services, or items, that is traded between entities in an agreement.