Question

The Occupational Safety and Health Act (OSHA) mandated that first-aid kits be available in business establishments employing more than three people. A newly formed company was successful in developing first-aid kits that allowed companies to comply with the standards of the act. This is an example of:
A. distribution channels as an excellent source for new ideas.
B. existing products and services as a source for new ideas.
C. potential consumers as a source for new ideas.
D. government regulations as a source for new product ideas.

Answer 1

This is an example of government regulations as a source for new product ideas.

Explanation:

The government can be a source of new product ideas in many ways.

First of all, there are many new product choices in the archives of the Patent Office. We will make more new design ideas further marketable.

Secondly, in reaction to regulations of government, economic policy, investment recommendations, the annual strategy, the five-year plan etc, new products innovations can arise.

Thirdly, today a number of government departments help businessmen develop business ideas.

Fourthly, commerce and industry policy reports can also help to develop new venture concepts.