ENTREPRENEURIAL MARKETING
PRODUCT DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Product Development
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Product Definition
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Idea generation
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None of the above
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Detailed explanation-1: -Product Definition (Discovery) Sometimes called “scoping, ‘’ or concept development, this step involves refining the definition of the product concept and ensuring that the team really understands customer requirements. In a startup this step is often called Discovery.
Detailed explanation-2: -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-3: -Idea generation (Ideation) The initial stage of the product development process begins by generating new product ideas. This is the product innovation stage, where you brainstorm product concepts based on customer needs, concept testing, and market research.
Detailed explanation-4: -Concept study. Creating a prototype. Productization. Manufacturing, after-sales and maintenance. 07-Oct-2021