BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Product development–also called new product management–is a series of steps that includes the conceptualization, design, development and marketing of newly created or newly rebranded goods or services.

Detailed explanation-2: -When developing new product, which is true of a new-product development strategy? It must be compatible with the objectives of the marketing department, the business unit, and the corporation.

Detailed explanation-3: -4) Improvements and revisions of existing products: These are the new products that replace existing products by providing improved performance or greater perceived value. For example, Microsoft replaced its MS-DOS by Windows as an improved, user-friendly GUI (Graphical User Interface) based operating system.

Detailed explanation-4: -Product Development – Focuses on introducing new products to an existing market. Diversification – The concept of entering a new market with altogether new products.