Asked by Katlin Briggs on May 07, 2024
Verified
Identify the factors that influence new product opportunities.
New Product Opportunities
Potential market openings for the introduction of new products that can meet unfulfilled customer needs or preferences.
- Understand the stages of the product life cycle and their impact on product design.
- Comprehend the basic tenets and approaches of risk management and tolerance to failure in the innovation of new products.
Verified Answer
SS
Satwinder SinghMay 14, 2024
Final Answer :
Factors that influence new product opportunities include economic change, sociological and demographic change, technological change, political change, and other changes brought about through market practice, professional standards, suppliers, and distributors.
Learning Objectives
- Understand the stages of the product life cycle and their impact on product design.
- Comprehend the basic tenets and approaches of risk management and tolerance to failure in the innovation of new products.