New product development is characterized by which of the following?
A)It is risky, expensive, and time consuming
B)It is necessary, highly profitable, and expensive
C)It is market driven, expensive, and has a high success rate
D)It is expensive, consumer driven, and mandatory

Question

Quizplus · Accepted Answer

New product development is a risky and expensive process that requires significant investments in research, development, testing, and marketing. It also takes a considerable amount of time to bring a new product to the market. While successful new products can be highly profitable, the failure rate is also high, making it a high-risk venture for businesses.

New Product Development Is Characterized by Which of the Following