In the Context of New Product Development and the Balance

question 193

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 be currently 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 making a loss

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Definitions:

Quantitative Forecasting

The use of numerical data and statistical models to predict future outcomes based on historical data.

Regression Analysis

Presupposes that a linear relationship exists between one or more independent (causal, or predictor) variables, which are predicted to affect the dependent (criterion) variable-in our instance, future HR demand for personnel (i.e., the number of employees).

Trend Projection

A forecasting technique that extends past data points into the future to predict outcomes, often used in sales, finance, and inventory planning.

HR Forecasting

A method used in human resources to estimate future workforce needs to achieve the organization's objectives.