TransInfo Inc

question 107

Multiple Choice

TransInfo Inc., an information technology firm, is trying to develop new software that will facilitate the transfer of documents in a secure and fast manner.The team of engineers at TransInfo has a detailed discussion and come up with several ideas, out of which they accept only the best possible option.This type of idea generation is called:

• A)licensing
• B)customer research
• C)brainstorming
• D)market research
• E)internal research

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Definitions:

Reduces

Makes smaller in amount, degree, or size; diminishes or lessens.

Perfectly Competitive

A market structure where many firms sell identical products, no single firm can influence the market price, and there are no barriers to entry or exit.

Standardized Product

A product that conforms to specifications that ensure it is the same in quality and design, regardless of the source of production.

Microsoft

A multinational technology company known for its software products, including the Windows operating system, Office suite, and Azure cloud services.