The chances of success for a new product are significantly increased if
A)the company sets goals are set that both flexible and adaptable.
B)objectives are set for the product itself 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 are done in-house where management can exert the greatest quality control.
E)the firm outsources those elements of production,distribution,or promotion in which it has the least expertise.

Question

Quizplus · Accepted Answer

Setting objectives for the product and identifying target market segments is crucial for success as it allows the company to tailor its marketing efforts and product development to the needs of the target market. Flexible and adaptable goals are also important, but alone are not enough to ensure success. Advertising and promotional expenditures may be important, but the percentage of the initial budget allocated to these activities alone does not guarantee success. The choice between in-house production and outsourcing depends on the specific expertise and capabilities of the company and is not a determining factor in the success of a new product.

The Chances of Success for a New Product Are Significantly