A company is in the ________ stage of the new product development process when the company develops the product concept into a physical product in order to assure that the product idea can be turned into a workable product ?
Correct answer: A. product development
- A. product development
- B. commercialization
- C. marketing strategy
- D. business analysis
Explanation
During product development, the firm turns an approved product concept into a physical prototype or workable product and tests its feasibility. Commercialization is the later stage in which the product is launched in the market.
Report an error
The more specific you are, the faster it gets fixed. A source beats an opinion.
Prefer email? [email protected]
About Microeconomics
Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
Practise Microeconomics
1,742 free Microeconomics MCQs from Economics, each with the correct answer and an explanation. Unlimited attempts, no account needed.
Discussion
Stuck on an option, or know a faster way to get there? Ask or explain it here.
No comments yet. Be the first to explain this one.
Exams that ask Economics questions like this
Economics is on 3 papers prepared for on TestUstad, and all of them draw the same bank, so this question is worth knowing for every one of them.
More Microeconomics questions
Joining with foreign companies to produce or market products and services is called ?
The type of salesforce structure in which the sales force sells along product lines is called a ?
The practice of going after a large share of a smaller market or subsets of a few markets is called ?
If Mark Mars pays Hershey Foods Corporation for the right to use their name on his line of T-shirts then Mr. Mars is using which type of branding ?
All of the following factors can affect the attractiveness of a market segment EXCEPT ?
If a government uses barriers to foreign products such as biases against a foreign company's bids or product standards that go against a foreign company's product features the government is using ?