Ideally, before a new product or service is developed, a firm should have a precise ________, which is a statement defining the target market, specifying customers' needs, and defining what the product or service will be and do to satisfy consumers.
A) formula
B) contract
C) modus operandi
D) protocol
E) methodology

Question

Quizplus · Accepted Answer

A protocol is a detailed plan or statement that outlines the target market, specifies customer needs, and defines what the product or service will do to satisfy consumers, making it essential for new product development.

Ideally, Before a New Product or Service Is Developed, a Firm