________ is screening new product ideas in order to spot good ideas and drop poor ones as soon as possible?
Correct answer: C. Idea screening
- A. Idea generation
- B. Concept development and testing
- C. Idea screening
- D. Brainstorming
Explanation
Idea screening evaluates newly generated product ideas and quickly removes those that are weak, impractical, or inconsistent with company objectives. Idea generation comes earlier and focuses on producing possible 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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