Which of the following phases of new-product development is likely the least costly for the firm?
A) Commercialization
B) Concept testing
C) Business analysis
D) Product development
E) Test marketing

Question

Quizplus · Accepted Answer

Concept testing is the phase where the firm tests the basic idea of the new product, which is usually done through surveys, interviews, or focus groups. As it is a preliminary phase, it typically involves low costs compared to the other phases of new-product development.

Which of the Following Phases of New-Product Development Is Likely