Which of the following statements is most likely true about the new product development process?
A) The first step in developing a new product involves determining any budgetary or distribution limitations.
B) Most firms discourage employees from contributing new product ideas because of legal concerns.
C) In most cases, concept testing is followed by concept development.
D) A product concept should be developed for each idea before it goes through idea screening.
E) Customers, competitors, and suppliers are major sources of new product ideas.

Question

Quizplus · Accepted Answer

Customers, competitors, and suppliers are major sources of new product ideas. This is because they provide valuable insights into what consumers need and want, what products are lacking in the market, and what innovations their competitors are pursuing. Additionally, suppliers may have new technologies or materials that can be incorporated into a new product. Therefore, it is important for firms to actively seek out input from these sources in order to generate new product ideas. The other statements are either incorrect or incomplete.

Which of the Following Statements Is Most Likely True About