The chances of success for a new product are significantly increased if
A)the company sets goals that are both flexible and adaptable.
B)objectives are set for the product, and target market segments are identified for it.
C)at least 25% of the initial budget includes advertising and promotional expenditures.
D)all initial production, distribution, and promotion is done in-house where management can exert the greatest quality control.
E)the firm outsources those elements of production, distribution, or promotion in which they have the least expertise.

Question

Quizplus · Accepted Answer

Setting clear objectives for the product and identifying target market segments are essential for success. This helps the company focus its resources and tailor its marketing efforts. While advertising and promotional expenditures are important, the amount needed may vary depending on the product and market. Similarly, in-house production and control may not always be the best option, as outsourcing certain elements can often be more efficient and cost-effective. However, setting goals and identifying target markets are universally important for new product success.

The Chances of Success for a New Product Are Significantly