ENTREPRENEURSHIP

Detailed explanation-1: -The three main phases of product/service management are new-product development, monitoring of existing products, and elimination of weak products. New-product develop-ment involves idea generation and screening, concept testing, feasibility analysis, product development, test marketing, and commercialization.

Detailed explanation-2: -Marketing is the process of planning and execut-ing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objec-tives. The marketing objective of most businesses is to attract you, the target customer, to the business.

Detailed explanation-3: -In addition, marketing-information management helps busi-nesses to find out if customers are satisfied with their products. Without this information, businesses could only guess at what to produce or what changes to make. They might produce too much or not enough to meet demand.