A Focused Organizational Effort to Create a New Product or Process

question 109

Multiple Choice

A focused organizational effort to create a new product or process via technological advances is called

• A)a development project.
• B)a sociotechnical system.
• C)benchmarking.
• D)strategic positioning.
• E)vertical integration.

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Definitions:

Product Class

A broad category of products that serve a similar function or are related in terms of how they are used by consumers.

Acceptable Brands

Brands that consumers perceive as viable options for purchase when making buying decisions.

Evaluative Criteria

Factors or standards consumers use to compare and judge the merits of different products or services before making a purchase decision.

Retail Price

The total price at which a product or service is sold to the consumer, including any markups by retailers.