All of the following are thought to be sources of new product ideas EXCEPT ?
Correct answer: D. the local library
- A. internal sources
- B. customers
- C. competitors
- D. the local library
Explanation
Internal sources, customers and competitors are recognised sources of new product ideas in marketing. A local library may provide information, but it is not normally classified as a primary source of product ideas.
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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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