Question

In the context of the new-product development process, which of the following is true of a new-product strategy?

a. It refrains from adopting ideas suggested by customers and competitors.
b. It is the last stage of the new-product development process.
c. It must be compatible with the objectives of the marketing department, the business unit, and the corporation.
d. It involves targeting existing products at new markets.

Answer 1

Answer: It must be compatible with the objectives of the marketing department, the business unit, and the corporation.

Explanation: The product strategy are the specific plans a company has for its particular product, this is includes the problems the product is intended to solve, the target market and how the product would get to the target market.

When a new product is developed by a company, a strategy is introduced to ensure that the product is in line with the objectives of the company and would be easy to sell by the marketing department.

There is also a need to properly present the product to the target buyers.