true or false Risk assessment is not considered to be a success factor in new product development.
true or false Risk assessment is not considered to be a success factor in new product development.
Foundations of Business (MindTap Course List)
6th Edition
ISBN:9781337386920
Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor
Publisher:William M. Pride, Robert J. Hughes, Jack R. Kapoor
Chapter11: Building Customer Relationships Through Effective Marketing
Section11.10A: Consumer Buying Behavior
Problem 2CC
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Question
true or false
Risk assessment is not considered to be a success factor in new product development.
Expert Solution
Introduction:
- Risk assessment is a crucial process in the development of new products.
- It involves identifying and analyzing potential risks associated with the product's development, launch, and post-launch phases.
- The purpose of risk assessment is to anticipate and mitigate potential problems that could arise and negatively impact the success of the product.
- This process allows companies to make informed decisions and take necessary actions to minimize or avoid risks. In new product development, risk assessment plays a critical role in ensuring product quality, regulatory compliance, customer satisfaction, and overall success.
- In this context, conducting a thorough risk assessment is essential for any company looking to develop and launch a new product.
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