A fast-food chain wanted to add a new product to its breakfast menu. The company considered a pancake shaped like a muffin. The problem was determining how a customer would add syrup to the pancake while eating and driving. Fortunately, one of the company's suppliers developed a crystallized syrup that seeps through the pancake once it is heated. Explain the phase of new-product development that occurred during this process with the chain and its supplier

Concept Development

Explanation:

The stages which a product cycles through during its lifespan are:

1. Concept Development,

2. Introduction,

3. Growth,

4. Maturity and

5. Decline.

The Product Concept Development stage is the first part of the Product Life Cycle which involves developing the product concept, building the product and testing the product.

a manufacturer of printed circuit boards uses exponential smoothing with trend to forecast monthly demand of its product. at the end of december, the company wishes to forecast sales for january. the estimate of trend through november has been 200 additional boards sold per month. average sales have been around 1000 units per month. the demand for december was 1100 units. the company uses α = 0.20 and β = 0.10. make a forecast including trend for the month of january.

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