Once the product innovation charter has selected a market area for focus,which of the following should be done prior to appearance of the concept?
A)Eliminate other existing product concepts.
B)Withdraw all other products of the firm from the market.
C)Study the market which has been selected.
D)Decide the budget allocation for the new product.

Question

Quizplus · Accepted Answer

Before the appearance of the concept, studying the market which has been selected is necessary in order to understand the needs, wants, and preferences of the target customers. This information can inform the development of the product concept and increase the likelihood of success. Eliminating other existing product concepts or withdrawing other products from the market may not be necessary or strategic. Deciding the budget allocation for the new product can come after the concept has been developed and tested.

Once the Product Innovation Charter Has Selected a Market Area