The new product development begins with the idea generation.
<u>Explanation:</u>
The five basic stages of new product development (NPD) are as follows,
- Idea generation: This is the first and foremost process of NPD. It is systematic search for new ideas from internal and external sources.
- Idea screening: Filtering the best ideas from all the selected ones.
- Concept development: Developing the reliable concepts with the help of SWOT analysis.
- Marketing strategy development: Description of the target market, outline of the product’s planned price and planned long-term sales
- Business analysis: Review of the sales, R&D, operations and efficiency ratio measure.
- Product development: Developing a successful prototype
- Test marketing: The proposed marketing program and the developed product is released in the realistic market.
- Commercialisation: Introducing the developed product finally and permanently into market.
Answer: It examines ethical rules and principles within a commercial context
Explanation:
Business ethics is concerned with distinguishing between right and wrong actions and decisions that arise in a business setting.
Customers, management, and employees all appreciate honest and ethical practices. Business ethics are vital because they help maintain a great reputation, help avoid significant financial and legal issues, and ultimately benefit everyone involved.
Answer:
demand of
Fall
decrease
Explanation:
Here are the options to this question:
1.expect the (supply of/ demand of )
2.forecasters to (increase/ decrease)
3. weather forecasters to (decrease/ increase)
The new technology would reduce the need for weather forecasters. So t.v. stations and radios would no longer employ weather forecasters and might even lay off some forecasters. So the demand for forecasters would fall.
Due to the reduced demand for forecasters, there would be a large number of unemployed forecasters with no one willing to employ them. This would lead them to a reduction in their salary. When supply exceeds demand, prices fall.
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Answer:
The nominal wage in 2003 = $15.22
The nominal wage in 2004 = $15.565
Explanation:
Inflation = [ ( CPI of 2003 - CPI of base year ) ÷ CPI of Base year ] × 100
= [ ( 184 - 100 ) ÷ 100 ] × 100
= 84%
Therefore,
The wage will increase by this inflation to be nominal
= 8.28 × (1.84)
= $15.23
Similarly
Inflation = [ ( CPI of 2004 - CPI of base year ) ÷ CPI of Base year ] × 100
= [ ( 188.9 - 100 ) ÷ 100 ] × 100
= 88.9%
Therefore,
The wage will increase by this inflation to be nominal
= 8.24 × (1.889)
= $15.565
Hence,
The nominal wage in 2003 = $15.22
The nominal wage in 2004 = $15.565
Answer:
The correct answer is option d.
Explanation:
The law of comparative advantage states that a country will be able to benefit from international trade if it produces and exports the good that it has a comparatively lower opportunity cost in producing.
Comparative advantage refers to comparatively lower opportunity costs. A country will specialize in the production of a good that it can produce at a lower opportunity cost.
Both the countries will be able to benefit from trade and jointly increase their production and consumption if they export goods they can produce at lower opportunity cost and import goods they can produce at higher opportunity cost.