Ideally, Before a New Product Is Developed, a Firm Should

question 51

Multiple Choice

Ideally, before a new product is developed, a firm should have a precise protocol, a statement that identifies: (1) a well-defined target market; ( 2) specific customers' needs, wants, and preferences; and (3)

• A)what the product will be and do.
• B)a clear plan for product distribution.
• C)clear financial goals and expectations.
• D)an analysis of potential competitive products.
• E)a precise budget of how much can be spent at each step of the process.

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Definitions:

Personal Representative

The person designated by a testator to collect the testator’s property after he or she dies, pay the debts and taxes, and make sure the remainder of the estate gets distributed.

Beneficiaries

Individuals or entities designated to receive benefits or assets from a will, trust, insurance policy, or other legal instrument.

Undue Influence

The situation in which one person takes advantage of his or her dominant position in a relationship to unfairly persuade the other person and interfere with that person’s ability to make his or her own decision.

Testamentary Disposition

The distribution of an individual's property after death, as outlined in their will or testament.