A Product Champion

question 1

Multiple Choice

A product champion:

• A) resolves conflict among team members.
• B) is appointed by top management.
• C) is responsible for establishing a "skunk works."
• D) is responsible for performing the marketing activities associated with a product created by a "skunk works."

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Definitions:

Fixed Cost

Expenses that do not change with the level of production or sales, such as rent, salaries, and insurance, remaining constant regardless of business activity volume.

Patent

A legal document granting an inventor exclusive rights to manufacture, use, or sell an invention for a certain number of years.

Demand Schedule

A table that shows the quantity of a good or service that consumers are willing and able to purchase at various prices during a specified period of time.

Marginal Cost

The increase in total cost that arises from an extra unit of production.