What Is the First Stage of the New-Product Development Process

question 59

Multiple Choice

What is the first stage of the new-product development process?

• A) establishing the new-product strategy
• B) exploring opportunities
• C) developing a business analysis
• D) building of a prototype

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Definitions:

Promotion Mix

The combination of promotional tools used by an organization, including advertising, sales promotion, public relations, personal selling, and direct marketing.

Objective And Task

A method in advertising and marketing involving the setting of objectives and determining the tasks necessary to achieve them.

Budgeting Methods

Financial strategies used to plan and allocate resources, often income and expenditure, over a specified period.

Advertising Campaign

A coordinated series of promotional efforts, utilizing various media channels, aimed at generating interest or sales for a product or service.