Is the process by which ideas are transformed into

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20. __________ 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 21. 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: 22. Without new products, a firm can: 23. Many restaurants offer daily specials, appetizers, entrees, and desserts not listed on their standard menu. These daily specials primarily provide the new product benefit of:
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24. By adding new product lines beyond its core business of computer software, like the XBox 360 game system, Microsoft primarily benefits by: A. keeping up in a marke come mostly from new B. satisfying the changing needs of the technological resea C. avoiding market saturation from products that have just D. diversifying and reducing risk. E. all of these. 25. Computer game companies constantly monitor computer game-related blogs keeping track of the latest hot products, because they know that their customers crave the "latest and greatest" games. They use this information to create new products that primarily provide the benefit of: 26. Which of the following is NOT one of the benefits to a firm of new product development?
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