The Process by Which an Idea That Describes a Product

question 91

Multiple Choice

The process by which an idea that describes a product or a service is presented to potential buyers to obtain their reactions can be best termed as:

• A)test marketing.
• B)product development.
• C)concept testing.
• D)diffusion of innovation.
• E)reverse engineering.

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Definitions:

Bounded Rationality

A concept suggesting that individuals make decisions based on the limited information available to them and within the constraints of their cognitive capacity.

Optimizing

The process of making something as effective, perfect, or functional as possible, often by choosing the best option from a set of alternatives.

Programmed Decisions

Decisions that are routine and repetitive, often made using established guidelines or procedures.

Creative Solutions

Innovative and unique solutions developed to solve problems or address challenges in new ways.