During which step of the product development stage does a company conduct market research on benefits and prices?
A) Screening
B) Concept testing
C) Prototype development
D) Benefits analysis
E) Product idea

Question

Quizplus · Accepted Answer

Market research on benefits and prices is conducted during concept testing, which is the second step in the product development stage. This is when the company tests the product concept with a target audience to gather feedback on features, benefits, and pricing. Screening is the first step where new ideas are evaluated, prototype development is the third step where a sample product is created, and benefits analysis is not a specific step in the product development process. Therefore, the best choice is B) Concept testing.

During Which Step of the Product Development Stage Does a Company