Which of the following is a key component that contributes to the success of new product development efforts?
A) Assigning the task of new product development exclusively to top management
B) Limiting the budget in order to reduce losses in case the product fails
C) Creating a cross-functional team early in the development process
D) Assigning a group of marketers the task of developing new products

Question

Quizplus · Accepted Answer

Creating a cross-functional team early in the development process is important because it brings together individuals from different departments with diverse perspectives and expertise. This helps to ensure that various aspects of the product, such as technology, marketing, and production, are considered and integrated into the product development plan. Assigning the task of new product development exclusively to top management (A) is limiting and doesn't take advantage of the insights of other key individuals in the company. Limiting the budget in order to reduce losses in case the product fails (B) can hinder creativity and prevent necessary investments. Assigning a group of marketers the task of developing new products (D) can lead to a lack of technical expertise and failure to consider other important factors like cost and production.

Which of the Following Is a Key Component That Contributes