In Which of the Following Ways Is Product Development Different

question 63

Multiple Choice

In which of the following ways is product development different for services than for physical goods?

• A) Instead of gathering product ideas, the company goes immediately to the testing phase.
• B) Instead of screening ideas, the company tests all of them, since no prototype is needed.
• C) Instead of creating a prototype, the company develops a service process design.
• D) The business analysis step is not needed, since there are no production costs with services.
• E) The commercialization step is gradual for services, but rapid for physical goods.

Recognize the role of realistic job previews in improving organizational socialization.

Differentiate between the observable and hidden elements of organizational culture.

Examine the impact of reality shock and the adjustment process in organizational socialization.

Understand the importance of co-workers as organizational socialization agents.

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Definitions:

Mixed Capitalism

An economic system blending elements of capitalism and socialism, featuring private enterprise alongside government regulation and interventions.

Invisible Hand

A concept introduced by Adam Smith to describe the self-regulating nature of the marketplace, where individual self-interests inadvertently benefit society.

Adam Smith

An 18th-century Scottish economist and philosopher, best known for his theories on free market economics detailed in "The Wealth of Nations."

Wealth Of Nations

A seminal book by Adam Smith that discusses what builds nations' wealth, often considered the foundation of modern economic theory.