New-Product Process Refers to

question 205

Multiple Choice

new-product process refers to

• A) the informal process of "brain storming" to generate new-product concepts at a marketing staff meeting.
• B) the process of presenting cross-functional teams with a written new-product concept statement and asking them to respond to it in writing.
• C) the seven stages an organization goes through to identify business opportunities and convert them into salable products or services.
• D) the two stages an organization goes through from idea generation to commercialization.
• E) a formalized protocol for new-product development that begins at the corporate level and ends at the functional level.

---

Definitions:

Companies

Legal entities formed by individuals, stockholders, or shareholders, with the purpose of engaging in commercial or industrial activities.

Jewelers

Jewelers are professionals or businesses involved in the design, production, and sale of jewelry.

Average cost method

An inventory costing method where all costs of inventory are averaged out to determine the cost of goods sold and the ending inventory value.

Cost of merchandise sold

The entire expense directly tied to the production and sale of products in inventory that were sold during a specific period.