After concept testing, a firm would engage in which stage for developing and marketing a new product?
(A) Marketing strategy development
(B) Business analysis
(C) Product development
(D) Test marketing.
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Answer:
c. product development
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Correct option is (A) Marketing strategy development
- Product development consists of eight steps.
- It starts from idea generation and ends at commercialisation of product.
- Concept testing refers to checking the application of product. Visualization methods are used in the process.
- Marketing strategy development consists of three steps. The strategy development is based on the type of product, its usage and the type of marketing required.
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