A New Product or Service Protocol Refers to

question 172

Multiple Choice

A new product or service protocol refers to

• A)the standardized procedures a firm follows for the inception,design,manufacturing,promotion,and distribution of a new product.
• B)a formalized statement of intent regarding what will be sold,to whom it will be sold,and by whom it will be sold.
• C)maintaining compliance with all licensing,manufacturing,and distribution standards established by the U.S.Federal Trade Commission (FTC).
• D)a statement that identifies: (1)a well-defined target market; (2)specific customers' needs,wants,and preferences;and (3)what the product or service will be and do to satisfy consumers.
• E)the raw unwritten ideas to produce a single commercially successful new product.

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Definitions:

Functional Needs

The basic requirements that products or services must meet to be considered useful and satisfactory by consumers.

Psychological Needs

Fundamental human motivations that drive behavior, such as the need for esteem, belonging, and self-actualization.

Psychological Needs

Fundamental human motivations that encompass aspects like autonomy, competence, and relatedness, influencing behavior and well-being.

Consumer Decision Process

The steps that consumers go through before, during, and after making a purchase, including problem recognition, information search, evaluation of alternatives, purchase, and post-purchase evaluation.