If You Are Seeking New Product Ideas for Your Business

question 207

Multiple Choice

If you are seeking new product ideas for your business, a good source is:

• A) Intermediaries
• B) Customers
• C) Your production people
• D) Your salespeople
• E) All of the above.

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Definitions:

Consumer Surplus

The difference between the highest price a consumer is willing to pay for a good or service and the actual price they pay.

Sherman Antitrust Act

A landmark federal statute in the United States passed in 1890 aimed at promoting economic competition by prohibiting monopolies, cartels, and other forms of anticompetitive practices.

Price Discrimination

A pricing strategy where a firm charges different prices for the same product or service to different customers, based on their willingness to pay.

Disneyland

A globally recognized theme park brand, known for its entertainment complexes that blend imaginative attractions with characters from Disney movies.