Luhan Is a Product Manager for a Major Electronics Company

question 218

Multiple Choice

Luhan is a product manager for a major electronics company. His current project is the development and introduction of a new smartphone. Since there are a number of smartphones currently out on the market, Luhan is concerned about product failure. Currently, Luhan and his team are in the screening phase of the new product development process. Has his team already passed the phase that is best able to measure the product failure concern?

• A)Yes, the best phase is the idea screening phase.
• B)Yes, the best phase is the concept testing phase.
• C)No, the best phase is the business analysis phase.
• D)Yes, the best phase is the test marketing phase.
• E)No, the best phase is the test marketing phase.

---

Definitions:

Factors of Production

The inputs used in the production of goods or services in the process of creating economic value; these typically include land, labor, capital, and entrepreneurship.

Monopsony Firm

A market situation where there is only one buyer or a dominant buyer for a product or service, giving that buyer substantial control over market prices and terms.

Competitive Firm

A business that operates in a market with many buyers and sellers, where no single entity can significantly influence the market price of goods and services.

Marginal Product

The additional output that results from using one more unit of a particular input, holding all other inputs constant.