Ideally, Before a New Product or Service Is Developed, a Firm

Multiple Choice

Ideally, before a new product or service is developed, a firm should have a precise protocol, which is a statement that identifies: (1) a well-defined target market; (2) __________; and (3) what the product or service will be and do to satisfy consumers.

A) a clear plan for distribution
B) specific customers' needs, wants, and preferences
C) an analysis of potential competitors' products or services
D) a precise budget of how much can be spent for the marketing program
E) clear financial goals and expectations