MANAGEMENT

Detailed explanation-1: -A brand extension is when a company uses one of its established brand names on a new product or new product category. It’s sometimes known as brand stretching. The strategy behind a brand extension is to use the company’s already established brand equity to help it launch its newest product.

Detailed explanation-2: -The seven stages of the new product development process are: Idea Generation, Idea Screening, Concept Development and Testing, Business and Marketing Strategy Development, Product Development, Test Marketing, and Commercialization.

Detailed explanation-3: -The first step in the marketing research process is defining the problem or the question your research is trying to answer, followed by developing a research plan to answer that question, collecting and analyzing the data, and then producing a report.