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

question 166

Multiple Choice

Ideally,before a new product is developed,a firm should have a precise __________,which is a statement that identifies: (1) a well-defined target market; (2) specific customers' needs,wants,and preferences; and (3) what the product will be and do to satisfy consumers.

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

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Definitions:

Market Price

The current price at which an asset or service can be bought or sold in a given market.

Added Cost

Additional expenses incurred beyond the initially planned or budgeted amounts.

Fully Discharged

The status of having completely fulfilled a responsibility, duty, or debt, releasing the subject from further obligations.

Bill Of Sale

A legal document that details a transaction between two parties, transferring ownership of personal property from the seller to the buyer.