TechSys Is in the Process of Developing a New Cell-Phone

question 86

Multiple Choice

TechSys is in the process of developing a new cell-phone. They must first aim to link the new-product development process with the objectives of the marketing department, the business unit, and the corporation. What is this process also known as?

• A)screening and concept testing
• B)establishing the new-product strategy
• C)developing a business analysis
• D)building a prototype

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Definitions:

Downward Sloping Demand

A graphical representation of the relationship between the price of a good or service and the quantity demanded, indicating that as price decreases, demand increases.

Price Searcher

A seller that sets the price of its product or service based on demand and supply conditions rather than following the market price.

Market Differentiation

Strategies used by companies to distinguish their products or services from those of competitors, often through branding, quality, or unique features.

Long-run Equilibrium

A state in economics where all factors of production are fully adjustable, and markets or industries have adjusted to their optimal production levels and prices.