Your Way, Inc
Eric buys companies that are small or companies in financial trouble. He helps these companies turn around and develop a competitive advantage. The company that he recently purchased is called Your Way, Inc The company sells men's clothing and accessories. Your Way keeps the sewing machines for clothes manufacturing at a separate production facility so that the store location space can be reserved for display and selling.
After looking over the different products available, Eric realized that the company's previous owner was not aware of the product life-cycle because the company kept items that were obviously too old and out-of-date. Also, because of the high turnover, employees did not have good knowledge of the different product lines and did not know the difference between a product line and a product mix. To move the company forward, Eric thought of the following two measures: first, developing a new product to incorporate into the product mix; and second, eliminating the out-of-date products.
Refer to Your Way, Inc If Eric wanted to develop a new product, he would begin with
A) concept testing.
B) screening.
C) product analysis.
D) idea generation.
E) marketing analysis.
Question 2
A plan is an outline of the actions by which the organization intends to accomplish its goals and objectives.
Indicate whether the statement is true or false
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