BUSINESS EMBA-Which of the following is true of the idea screening phase of the new product development process?

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BUSINESS EMBA-Which of the following is true of the idea screening phase of the new product development process? New product ideas are not eliminated merely because they are outside the fields of a... firm's interest in this stage. Lack of technology and resources is often not a useful reason to discount new product ideas in this stage. A firm needs to consider three categories of risk and its associated risk tolerance in this stage prior to reaching a decision. Unlike the idea generation stage, this stage is not involved in expanding viable ideas into full product concepts. Axon Automobiles Ltd., an American automobile manufacturing company, manufactures cars in left-hand drive configuration, in which the driving seat and controls are positioned on the left- hand side of the vehicle. On exporting its products to select automobile dealers in India, the company witnessed a significant dip in its sales as Indians require vehicles in right-hand drive configuration. This failure can be best attributed to: the lack of personal selling on the part of the sales force. entering a domestic market without extensive product planning. the lack of adequate pricing strategies in foreign markets. problems encountered in effectively using census data. Which of the following denotes a growth direction through the increase in market share of present products in present markets? Market penetration Diversification Market development Benchmarking Which of the following is true of mass merchandisers? They handle deep assortments in a limited number of product categories. They compete on the basis of providing variety in different product categories and low-priced products in their large assortments. They are retailers whose primary advantages to consumers are suitable location, close-in parking, and easy entry and exit. They are large, low-priced limited-line retail chains that attempt to capitalize and establish themselves in a single product category. CONTINUED....... [Show More]

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