Creswell Farms produces and sells clover honey and wants to expand its product line. A brainstorming session results in 40 diffe
rent product suggestions, which include honey-based salad dressings, honey-flavored sandwich spreads, honey-coated peanuts, honey-flavored yogurts, and a ham glaze. In this scenario, Creswell Farms is in the ________ stage of the new product development process. product development idea generation test marketing project planning
In this scenario, Creswell Farms is in the idea generation stage of the new product development process.
Explanation:
Idea generation stage refers to the stage which involves the creation, development, and communication of the ideas. The process involves the construction of the idea and transforming the concepts into reality. The initiation of a project begins with the generation of the idea generation stage. In the above case, the suggestions are provided which would help the business of the product. Hence, this refers to the idea generation stage.
The yearly rate of return is calculated by taking the amount of money gained or lost at the end of the year and dividing it by the initial investment at the beginning of the year.
