In Testing a New Product Concept in the Definition and Test

question 116

Multiple Choice

In testing a new product concept in the definition and test concept phase of developing a new product, the company discovers that consumers want something that is not included in the product.This creates a dilemma for the company that may result in __________.

• A) Doing additional research until we get consumer input that the product is acceptable in its current form.
• B) Abandoning the product due to it not being feasible (too costly to implement, not technically possible)
• C) Change the product no matter what the cost and retest to see if it is acceptable to the customer
• D) Launch the product as is because consumers do not know what it is they want
• E) None of the above

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Definitions:

Sampling Distribution

The likelihood distribution of a statistical measurement derived from numerous samples taken from a particular group of individuals or items.

Confidence Interval

A band of values gathered from sample data, which potentially contains the value of an undisclosed population attribute.

Sampled Population

The segment of the population from which the sample is taken for the purpose of a statistical study.

Population Mean

The average value of a population attribute or variable, calculated by summing all values in the population and dividing by the total number of values.