Stacey and Evan are preparing budgets for a new product as well as finalizing plans for the full-scale manufacturing and marketing of the new Genie-Vac. They are in the phase of the new-product development process.
a. test marketing
b. business analysis
c. concept testing
d. product development
e. commercialization
The correct answer and explanation is :
The correct answer is e. commercialization.
Explanation:
The new-product development process encompasses several stages that guide a product from its initial concept to its introduction in the market. The stages typically include:
- Idea Generation: Brainstorming and gathering new product ideas.
- Screening: Evaluating ideas to eliminate those that are not feasible.
- Concept Testing: Assessing the viability of product concepts through consumer feedback.
- Business Analysis: Analyzing the potential profitability and marketability of the product.
- Product Development: Designing and developing the actual product.
- Test Marketing: Introducing the product in a limited market to gauge consumer response.
- Commercialization: Launching the product on a full scale, including finalizing budgets, manufacturing, and marketing plans.
In the scenario described, Stacey and Evan are preparing budgets and finalizing plans for full-scale manufacturing and marketing of the new Genie-Vac. These activities align with the commercialization phase, where the product is introduced to the broader market following successful development and testing.
