Ideally, before a new product is developed, a firm should have a precise protocol, a statement that identifies: (1) a well-defined target market; ( 2) specific customers' needs, wants, and preferences; and (3)
A)what the product will be and do.
B)a clear plan for product distribution.
C)clear financial goals and expectations.
D)an analysis of potential competitive products.
E)a precise budget of how much can be spent at each step of the process.

Question

Quizplus · Accepted Answer

The statement should identify the target market, customers' needs, wants, and preferences, and what the product will be and do. While financial goals and expectations, distribution plans, competitive analysis, and budget are all important considerations, they are not part of the specific protocol being referred to in the question.

Ideally, Before a New Product Is Developed, a Firm Should