Which Phase of the New Products Process Is Characterized by Selection

question 40

Multiple Choice

Which phase of the new products process is characterized by selection of a high potential opportunity and beginning of customer involvement?

• A)Launch
• B)Development
• C)Opportunity identification and selection
• D)Concept generation

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Definitions:

Comparative Advantage

The ability of an individual or group to carry out a particular economic activity more efficiently than another activity.

Absolute Advantage

The ability of a country, individual, or firm to produce more of a good or service than competitors using the same amount of resources.

Opportunity Cost

The cost of forgone alternatives when a decision is made to choose one option over others.

Absolute Advantage

The ability of a country, individual, company, or region to produce a good or offer a service at a lower cost per unit than the cost at which any other entity produces that good or offers that service.