Without innovation firms would have only two choices

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Without innovation, firms would have only two choices--to continue to market current products to current customers, or to take the same products to other markets. New product development opens up greater opportunities. AACSB: Analytic Blooms: Understand Difficulty: 2 Medium Learning Objective: 11-01 Identify the reasons firms innovate. Topic: Why Do Firms Create New Products? 20. (p. 229) __________ is the process by which ideas are transformed into new products and services that will help firms grow. A. Beta testing B. Concept testing C. Innovation D. Reverse engineering E. The product life cycle Without innovation, firms would have only two choices--to continue to market current products to current customers, or to take the same products to other markets. New product development opens up greater opportunities. AACSB: Analytic Blooms: Remember Difficulty: 1 Easy Learning Objective: 11-01 Identify the reasons firms innovate. Topic: Why Do Firms Create New Products? 21. (p. 229) Eric is a sales rep for an established building materials manufacturer. Business is good, but he is concerned that the company has spent little on new product development and has not created a new product in over five years. Without new products, Eric can only market to his current customers or:
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Without innovation, firms would have only two choices--to continue to market current products to current customers, or to take the same products to other markets. New product development opens up greater opportunities. AACSB: Analytic Blooms: Apply Difficulty: 2 Medium Learning Objective: 11-01 Identify the reasons firms innovate. Topic: Why Do Firms Create New Products? 22. (p. 229) Without new products, a firm can: Without innovation, firms would have only two choices--to continue to market current products to current customers, or to take the same products to other markets. New product development opens up greater opportunities. AACSB: Analytic Blooms: Understand Difficulty: 2 Medium Learning Objective: 11-01 Identify the reasons firms innovate. Topic: Why Do Firms Create New Products? 23. (p. 229) Many restaurants offer daily specials, appetizers, entrees, and desserts not listed on their standard menu. These daily specials primarily provide the
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