There Are Seven Stages of the New-Product Development Process

question 263

Multiple Choice

There are seven stages of the new-product development process. After screening and evaluation is stage 4, the ________ stage.

• A) idea generation
• B) creative direction
• C) business analysis
• D) new-product strategy development
• E) market testing

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Definitions:

Supply

The aggregate quantity of a product or service that can be bought at any specific price point within a particular market.

Price Signals

Indications to consumers and producers about the scarcity or abundance of a good or service, guiding their economic decisions.

Centrally Planned Economies

Economies where the government or central authority makes all the decisions about what goods and services are produced, how they are produced, and who gets them.

Innovation Lagged

A situation where there is a delay or time lag between the development of a new technology or idea and its implementation or widespread use.