The Phase of New-Product Development in Which a Small Sample

question 100

Multiple Choice

The phase of new-product development in which a small sample of potential buyers are presented with a product idea through a written or oral description in order to determine their attitudes and initial buying intentions regarding the product is called

• A) concept testing.
• B) customer response testing.
• C) idea analysis.
• D) test marketing.
• E) screening.

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Definitions:

Inelastic

A situation where the demand for a good or service is relatively unresponsive to changes in price.

Total Revenue

The total amount of money generated by a business from its primary activities of selling goods or services before any expenses are deducted.

Price

The amount of money required to purchase a good or service, often determined by supply and demand dynamics in the market.

Income Elasticity

A measure of how much the demand for a good or service changes in response to changes in consumers' income.