BUSINESS ADMINISTRATION
ENTREPRENEURIAL DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Idea Stage
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Product Planning Stage
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Product Development Stage
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Test Marketing Stage
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Detailed explanation-1: -This refining process-the product planning and development process-is divided into five major stages: idea stage, concept stage, product development stage, test marketing stage, and commercialization. These stages result in the start of the product life cycle (see Figure 4.1).
Detailed explanation-2: -The very next step after concept stage is The marketing planning stage.
Detailed explanation-3: -Five phases guide the new product development process for small businesses: idea generation, screening, concept development, product development and, finally, commercialization.
Detailed explanation-4: -Although the product development process differs by industry, it can essentially be broken down into seven stages: ideation, research, planning, prototyping, sourcing, costing, and commercialization.