In the Context of New-Product Development and the Balance of Market

question 221

Multiple Choice

In the context of new-product development and the balance of market needs and company resources,marketing managers must generally

• A)recognize that new-product projects need to meet ROI goals.
• B)have various departments independently evaluate the feasibility of new ideas.
• C)develop marketing plans for goods that can't currently be produced profitably.
• D)place a product in the market quickly and not wait for a marketing plan.
• E)focus on satisfying customer needs,even if it means taking a loss.

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Definitions:

Target Markets

Distinct segments of consumers or organizations that a business tailors its products, services, and marketing efforts towards.

Priced

Refers to the assignment of a monetary value to a product or service, typically determined by cost, competition, and demand factors.

Direct Marketing

A type of advertising strategy that reaches out to potential customers directly, using emails, mail, and phone calls, bypassing traditional retail channels.

Customer Relationships

The strategies and techniques businesses use to maintain and enhance interactions and engagement with their customers over time.