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.
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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.
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