During the First Stage of the New-Product Process, Two Important

question 312

Multiple Choice

During the first stage of the new-product process, two important activities take place.They are

• A)SWOT analysis and environmental scanning.
• B)concept testing and business analysis.
• C)concept testing and product forecasting.
• D)team development and SWOT analysis.
• E)environmental scanning and concept testing.

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Definitions:

Equilibrium Price

The price in the market where the amount of products offered matches the amount of products people want to buy.

Quantity Supplied

The amount of a good or service that producers are willing and able to sell at a particular price over a specified period.

Rent Controls

Government-imposed limits on the amount landlords can charge for leasing a home or apartment.

Economic Profit

The difference between the total revenue generated by a business and the total costs, including both explicit and implicit costs.