Paul Is a Research Manager at an Automobile Firm, Which

question 127

Essay

Paul is a research manager at an automobile firm, which needs to launch a new model to sustain its position in the market.Briefly explain any three idea-generation methods that Paul can use to develop a new product idea.

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Definitions:

Opportunity Cost

The price paid for not choosing the second-best option during decision-making.

Higher Opportunity Cost

The increased potential loss of choosing one option over another, indicating a sacrifice of higher value alternatives.

Absolute Advantage

The ability of a country, individual, company or region to produce a good or service at a lower cost per unit than the cost at which any other entity produces that good or service.

Comparative Advantage

The capacity of a nation, person, business, or area to generate a product or offer a service with a smaller opportunity cost compared to its rivals.