BUSINESS ADMINISTRATION
MARKETING MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Promotion
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Marketing Information Systems/Market Research
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Product/Service Management
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Selling
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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: -Although it differs by industry, it can essentially be broken down into six stages: ideation, research, planning, prototyping, sourcing, and costing. Here’s how to develop your own original product idea and what to consider at each stage.
Detailed explanation-3: -Product planning is the process of defining the right product outcomes and creating the right strategic plans to make those outcomes happen. It involves: Researching to ensure your product goals align with your users’ needs. Creating product vision and roadmap documents.
Detailed explanation-4: -The four are introduction, growth, maturity, and then decline. Products and companies progress through these stages of development and the way that you know which stage they’re in is how much revenue they’re making over time.