Ideally, Before a New Product Is Developed, a Firm Should

Multiple Choice

Ideally, before a new product is developed, a firm should have a precise protocol, a statement that identifies: (1) a well-defined target market; ( 2) specific customers' needs, wants, and preferences; and (3)

A) what the product will be and do.
B) a clear plan for product distribution.
C) clear financial goals and expectations.
D) an analysis of potential competitive products.
E) a precise budget of how much can be spent at each step of the process.