R&D and engineering first produce the product concept into a physical product during which of the following stages of the new product development process ?
Correct answer: D. Product development
- A. Concept development and testing
- B. Marketing strategy
- C. Business analysis
- D. Product development
Explanation
During product development, research and development converts the tested product concept into a physical product or prototype. Concept testing occurs earlier and evaluates consumer reactions to the proposed idea.
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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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