In the context of the new-product development process, which of the following is true of a new-product strategy?
A)It refrains from adopting ideas suggested by customers and competitors.
B)It is the last stage of the new-product development process.
C)It must be compatible with the objectives of the marketing department, the business unit, and the corporation.
D)It involves targeting existing products at new markets.

Question

Quizplus · Accepted Answer

A new-product strategy must be compatible with the objectives of the marketing department, the business unit, and the corporation. It involves setting a plan for the product's overall direction and long-term objectives, including factors such as target market, positioning, differentiation, and market entry timing. It also considers the resources required and potential risks involved in bringing the product to market. The process of developing a new-product strategy typically occurs before the idea generation, screening, and evaluation stages of the new-product development process.

In the Context of the New-Product Development Process, Which of the Following