Steve Wanted to Open a Day Care Service Facility for Dogs.He

question 49

Multiple Choice

Steve wanted to open a day care service facility for dogs.He estimated the costs involved in providing the services desired by dog owners.After extensive deliberation,Steve decided not to proceed with the plan as the cost of providing the services was too high compared to the rates dog owners would be willing to pay.Which of the following stages of the new-product development process has Steve used to arrive at this decision?

• A)Idea screening
• B)Business analysis
• C)Idea generation
• D)Test marketing

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Definitions:

Factor

An element or component that contributes to a result or outcome, often used in statistics and analysis.

ANOVA

ANOVA, or Analysis of Variance, is a statistical method used to test differences between two or more means by analyzing variation within and between groups.

Means

Refers to the arithmetic average of a set of numbers, calculated as the sum of the numbers divided by the count of those numbers.

Null Hypothesis

A statistical hypothesis that assumes no significant difference or effect exists among the tested groups or variables.