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To Test the Product Concept of a New Idea, the R&D

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To test the product concept of a new idea, the R&D department of a firm can develop a prototype that will excite consumers and can be produced quickly at budgeted costs.


Definitions:

Walt Disney Productions

Walt Disney Productions is a historic name for The Walt Disney Company, an American diversified multinational entertainment and media conglomerate known for its film studio and theme parks.

Ratification

The official approval of a contract or agreement, making it valid and enforceable.

Exceeded Authority

Acting beyond the powers or rights granted by a legal or organizational authority, potentially leading to unauthorized or invalid actions.

Apparent Authority

A situation where a person appears to have been given the power by a company or another person to act on their behalf, even if no actual authority was granted.

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