Ideally,before a new product is developed,a firm should have a precise __________,which is a statement that identifies: (1)a well-defined target market; (2)specific customers' needs,wants,and preferences; and (3)what the product will be and do to satisfy consumers.
A) formula
B) contract
C) modus operandi
D) protocol
E) methodology

Question

Quizplus · Accepted Answer

The precise statement being referred to in the question is a product protocol or product definition. It outlines the target market, customers' needs, wants, and preferences, as well as the product features that will satisfy those needs. Therefore, the best choice for the blank would be "protocol" (option D).

Ideally,before a New Product Is Developed,a Firm Should Have a Precise