Ideally, Before a New Product or Service Is Developed, a Firm

question 145

Multiple Choice

Ideally, before a new product or service is developed, a firm should have a precise protocol, which is a statement that identifies: (1) __________; (2) specific customers' needs, wants, and preferences; and (3) what the product or service will be and do to satisfy consumers.

• A)a clear plan for product distribution
• B)an analysis of potential competitors' products
• C)a precise budget of how much can be spent for the marketing program
• D)a well-defined target market
• E)clear financial goals and expectations

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Definitions:

Olfactory

Pertains to the sense of smell.

Endorphins

Neurochemicals produced by the body that act as natural painkillers and mood elevators, often released during exercise, excitement, and pain.

Substance P

A neuropeptide involved in the transmission of pain signals from the peripheral to the central nervous system.

Morphine

A powerful opiate analgesic derived from the opium poppy, used to relieve severe pain.