BUSINESS ADMINISTRATION
BUSINESS ENVIRONMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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strictly as vendors to avoid relationship issues
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with professionalism, but without developing too close of a relationship
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as partners to ensure product success
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like part of the family, with suppliers working alongside the marketing team
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Detailed explanation-1: -The marketing department introduces products to the consumer, and creates strategic messaging that elevates appeal and ultimately drives sales. The feedback and response from consumers is measured by the marketing team on a variety of levels. Advertising is one means of seeing what performs and what does not perform.
Detailed explanation-2: -You need to include a marketing strategy that covers ideation, innovation, market analysis, testing, launch, and post-launch with your product strategy. If you don’t pay enough attention to one of these essential stages, your company will struggle to recoup expenses, leading to net losses on products.
Detailed explanation-3: -Although the product development process differs by industry, it can essentially be broken down into seven stages: ideation, research, planning, prototyping, sourcing, costing, and commercialization.
Detailed explanation-4: -Managing the new product development process requires Customer-centered, Team-based and Systematic effort. New product development must be customer centered. It focuses on finding new ways to solve customer problems and create more customer satisfying experiences.