While preparing the product innovation charter (PIC), the earliest evaluation that a firm makes is of ____.
A) its competitors
B) the legal requirements it has to fulfill
C) the technologies used by its competitors
D) itself and its situation

Question

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The earliest evaluation a firm makes while preparing the product innovation charter (PIC) is of itself and its situation. This involves understanding the firm's strengths, weaknesses, opportunities, and threats (SWOT analysis) so that it can make informed decisions about the new product or service it wants to develop. Once the firm has a clear understanding of its own situation, it can then conduct market research to evaluate its competitors, legal requirements, and technologies used by competitors.

While Preparing the Product Innovation Charter (PIC), the Earliest Evaluation