Which of the following is true of product modification?
a. It entails the creation of marketable new products.
b. It necessitates the use of crowdsourcing to develop new ideas for a product.
c. It goes beyond applied research by converting applications into marketable products.
d. It makes cosmetic or functional changes to existing products.
ANSWER: d
Product modification makes cosmetic or functional changes to existing products. It is one of the four ways in which research and development can be carried out.
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All of the following are exempted from the replacement rule EXCEPT:
A) application to exercise contractual changes or privileges in existing policies. B) individual life insurance policies. C) group annuities. D) credit life insurance.
Which of the following is a traditional sellers' right?
A) the right to create a monopoly in the market B) the right to acquire competitors to prevent competition C) the right to promote any product to any audience D) the right to add additional taxes if necessary E) the right to introduce any product in any size and style