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

question 173

Multiple Choice

Ideally, before a new product or service is developed, a firm should have a precise ________, which is a statement defining the target market, specifying customers' needs, and defining what the product or service will be and do to satisfy consumers.

• A) formula
• B) contract
• C) modus operandi
• D) protocol
• E) methodology

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Definitions:

Intelligence

The capacity to acquire knowledge from experiences, address challenges, and apply understanding to adjust in novel contexts.

Stanford-Binet IQ

An individually administered intelligence test that was first revised from the Binet-Simon Scale and is used to assess intellectual abilities and cognitive strengths and weaknesses.

Adaptive Behavior

The collection of conceptual, social, and practical skills that individuals have learned to be able to function in their everyday lives.

Mildly Retarded

This term is considered outdated and offensive; it previously referred to individuals showing below-average intellectual functioning and adaptive behavior, now more appropriately referred to as having mild intellectual disability.