The strategy of selling certain products at a very low price, or even below cost in order to attract customers is known as loss-leader pricing.

A continuous innovation is the constant modification of a product.

Price communicates ______________

The first phase of the new-product development process is ________. 

State two of the four ways consumer products are classified.

In one sentence, what is the difference between continuous innovation and discontinuous innovation?  

A continuous innovation is the constant modification of a product.

In one sentence, what is planned obsolescence? Do not give an example.  (This is a two-point bonus question)

List, in sequence, the four stages of the product life cycle.

Business analysis and test marketing are part of the steps in new product development.