Question

Introducing new products is risky and so is

a) performing marketing research.
b) keeping tabs on the actions of competitors.
c) not introducing new products.
d) generating new product ideas.
e) addressing customers' concerns about products.

Answer 1

Introducing new products is risky. Performing marketing research, keeping tabs on competitors, and addressing customers' concerns about products are important steps to minimize the risk.

Step-by-step explanation:

Introducing new products is risky and so is:

1. Performing marketing research: This involves gathering information from customers and other stakeholders to understand their needs, preferences, and potential demand for the new product. It helps to assess market viability and reduce the risk of failure.
2. Keeping tabs on the actions of competitors: This allows a company to stay updated on competitor's product offerings, pricing strategies, marketing tactics, and customer feedback. By monitoring competitors, a company can identify potential threats and opportunities in the market.
3. Addressing customers' concerns about products: Listening to customers' feedback, addressing their concerns, and continuously improving the product based on their needs can help minimize the risk of failure and build customer loyalty.