The Process of Creating New Products That Customers Want Is

question 26

Multiple Choice

The process of creating new products that customers want is called:

• A) market segmentation.
• B) total quality management.
• C) cost control.
• D) innovation.
• E) restructuring.

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Definitions:

Breakeven

The juncture where total expenses match total income, leading to neither a net profit nor a loss.

Mark-up

A financial addition to the product's cost to cater to company overheads and profit gain.

Wholesaler

An individual or entity that buys goods in large quantities from producers to resell them to retailers or directly to customers, but typically not to the final consumer.

Selling Price

The amount of money a buyer pays to acquire a product or service from a seller.