Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Executives at the top could push their favorite ideas into production even if market research suggests there's a chance the product won't work. There could

Executives at the top could push their favorite ideas into production even if market research suggests there's a chance the product won't work. There could be a variety reasons behind this, including a lack of market knowledge, optimism or a personal attachment to the product. This may result in the development of a product that fails to live up to market demands or expectations. Overestimating the size of the market is another frequent cause of product failure. A corporation may overproduce, overspend in marketing, or set the price of the product inaccurately if it thinks there is a greater demand for it than there actually is. Lost revenue and ultimately the failure of the product may result from this

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Microeconomics

Authors: Michael Parkin

12th edition

133872297, 133872293, 978-1292094632

More Books

Students also viewed these Economics questions

Question

CL I P COL Astro- L(1-cas0) Lsing *A=2 L sin(0/2)

Answered: 1 week ago