Finland-Based Rapala VMC Corp

question 48

Multiple Choice

Finland-based Rapala VMC Corp.is the world's largest fishing lure manufacturer.It developed its first fishing lure-a cigar-shaped minnow-in 1962.The annual market for fishing lures in terms of retail sales is approximately $600 million.Rapala VMC garnered one-third of that amount in 2003.New lures must be introduced each year in order to stay competitive in this industry.Like other lure manufacturers,Rapala focuses on two questions in developing and making new lures: Does it work,and does it look good? Developing a new lure takes two or three years and involves extensive field testing by tournament professionals and fishing guides.At the annual fishing industry trade show in 2003,Rapala unveiled the "dream lure for the 21st century."
-Refer to Rapala.After the trade show,the newest lure made by Rapala will enter which stage of the new-product development process?

• A) idea screening
• B) commercialization
• C) concept testing
• D) product development

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Definitions:

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Capabilities

The qualities or capacities that a person or entity possesses, enabling them to perform certain activities or functions.

Future Potential

The possible achievements or developments that an individual or entity can accomplish in the future.

Economically Disadvantaged

Refers to individuals or groups who have less financial resources and opportunities compared to the average in a society.