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

question 185

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) a well-defined target market; (2) specific customers' needs, wants, and preferences; and (3) __________.

• A)what the product or service will be and do to satisfy consumers
• B)a clear plan for distribution
• C)clear financial goals and expectations
• D)an analysis of potential competitors' products or services
• E)a precise budget of how much can be spent for the marketing program

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Definitions:

Occipital Lobe

The posterior part of the brain involved in processing visual information from the eyes.

Temporal Lobe

The region of the brain responsible for processing auditory information and is also involved in memory and emotion.

Wernicke's Area

A region in the brain's temporal lobe involved in understanding spoken language and semantic processing.

Process

A series of actions or steps taken in order to achieve a particular end.