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Which step comes first in the new-product development process?
AScreening the ideas against the long-range strategy
BSetting the new-product goals for the whole project
CTest-marketing the product among potential users
DDeveloping the concept and building a prototype
Answer & Solution
Correct answer: B. Setting the new-product goals for the whole project
1. The process runs from setting goals through to introducing the product.
2. The first step is setting new-product goals, usually stated as financial objectives.
3. A firm may aim to recover its investment within three years or to earn a set return.
4. Ideas can only be screened once goals exist to screen them against.
_Source: OpenStax Introduction to Business (CC BY 4.0), Ch 11 "Creating Products and Pricing Strategies to Meet Customers' Needs", section 11.7 Creating Products That Deliver Value_
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