MANAGEMENT

Detailed explanation-1: -The objective of product development from a business standpoint is to cultivate, maintain and increase a company’s market share by satisfying consumer demand. From a customer standpoint, it’s to ensure value in the product as a quality good or service.

Detailed explanation-2: -Commercialization is the process of bringing new products or services to market. The broader act of commercialization entails production, distribution, marketing, sales, customer support, and other key functions critical to achieving the commercial success of the new product or service.

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 testing is the process of using quantitative and qualitative methods to evaluate consumer response to a product idea prior to the introduction of a product to the market. It is a vital part of the idea screening stage of new product development.