Which of the following best describes a regulatory agency's role in product development?

A regulatory agency plays a crucial role in overseeing product development to ensure that all products comply with established safety and regulatory standards. This involvement is essential for protecting public health and safety, as agencies evaluate the potential risks associated with a product before it reaches the market.

Regulatory agencies set guidelines that outline the safety protocols and testing required for various products, ranging from pharmaceuticals to consumer goods. This ensures that any product developed has undergone the necessary evaluations and meets the regulations designed to safeguard users. By enforcing these standards, the agency helps maintain a level of trust in the market and ensures that consumers are protected from potentially harmful products.

The other options do not accurately represent the primary focus of regulatory agencies. For example, determining product pricing is typically the domain of the company producing the product and is influenced by market conditions rather than regulatory requirements. Similarly, strategies for product marketing and sales are managed by the company's marketing team, while workforce efficiency pertains to human resources planning, which lies outside the purview of a regulatory agency's responsibilities.