Why are businesses interested in the development of new products?
A) The federal government encourages every product manufacturer to spend 1 percent of revenue on new product development.
B) New products are necessary to stay in business.
C) New products keep the warranty and service departments busy.
D) New products provide the fun that marketing managers need.
E) Product development provides an opportunity for large tax write-offs.

Question

Quizplus · Accepted Answer

Businesses are interested in the development of new products because it is necessary for their survival and growth. Without new products, businesses can become stagnant and lose market share to competitors who are offering newer and more innovative products.

Why Are Businesses Interested in the Development of New Products