Final answer:
In a decentralized organizational structure, a firm's subsidiary carries out all activities except new product development.
Step-by-step explanation:
In a decentralized organizational structure, a firm's subsidiary carries out all of the following activities except new product development (D).
A decentralized organizational structure is one in which decision-making authority is distributed among different levels of management, allowing subsidiaries or units to have more autonomy and responsibility for their own activities.
Sales (A), local market research (B), marketing (C), and human resource management (E) are all examples of activities that can be carried out by a firm's subsidiary in a decentralized organization.