ENTREPRENEURIAL MARKETING
PRODUCT DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Establishment of Specifications for the Product
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Standardization of the Production Process
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Preliminary Testing
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None of these.
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Detailed explanation-1: -Major factors favoring product standardization include high level of technology intensity, formidable adaptation costs, convergence of customer needs worldwide, and country of origin impact. The marketing of products sold internationally may be standardized to keep a uniform image among the various markets.
Detailed explanation-2: -There are at least four levels of standardization: compatibility, interchangeability, commonality and reference. These standardization processes create compatibility, similarity, measurement, and symbol standards. Statistical process control.
Detailed explanation-3: -Standardization ensures that certain goods or performances are produced in the same way via set guidelines. Standardized lots are used in trading stocks, commodities, and futures to allow for greater liquidity, efficiency, and reduced costs.