When Deciding on Which New Products to Develop, a Firm

question 59

Multiple Choice

When deciding on which new products to develop, a firm must devote people, time, and money to designing a new product. Because any firm has only limited resources, it

• A) should wait until its competitors develop a similar product before deciding on devoting resources to its own product development.
• B) is not able to develop more than one new product at a time.
• C) must be certain that the product it chooses to develop will be successful or it will not be able to stay in business.
• D) faces a trade-off because resources used to develop one product will not be available to develop another product.

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Definitions:

Social Psychological Experiments

Studies conducted to understand how individuals' thoughts, feelings, and behaviors are influenced by the actual, imagined, or implied presence of others.

Social Neuroscience

An interdisciplinary field that examines how biological systems influence social processes and behaviors, integrating methodologies from neuroscience and psychology.

Social Cognition

A movement in social psychology that began in the 1970s that focused on thoughts about people and about social relationships.

Rowboat

A small boat propelled through water using oars, typically maneuvered by the occupants.