Ideally,before a New Product Is Developed,a Firm Should Have a Precise

question 7

Multiple Choice

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

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Definitions:

People-centered

An approach or mindset that prioritizes the welfare, development, and engagement of people within an organization or community over other considerations.

Human Capital

The knowledge, skills, and abilities possessed by an individual or population, viewed in terms of their value or cost to an organization or country.

Management Practices

The strategies, methods, and techniques used by managers to perform their functions of planning, organizing, leading, and controlling within an organization.

Human Resource Management

The strategic approach to the effective management of an organization's workers so that they help the business gain a competitive advantage.