INTRODUCTION TO ENTREPRENEURSHIP
IMPORTANCE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT
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Question
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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: -The product life cycle is the progression of a product through 5 distinct stages-development, introduction, growth, maturity, and decline. The concept was developed by German economist Theodore Levitt, who published his Product Life Cycle model in the Harvard Business Review in 1965. We still use this model today.
Detailed explanation-4: -The product development process describes the six steps needed to take a product from initial concept to final market launch. This includes identifying a market need, researching the competition, ideating a solution, developing a product roadmap, and building a minimum viable product (MVP).