MANAGEMENT

Detailed explanation-1: -Although the product development process differs by industry, it can essentially be broken down into seven stages: ideation, research, planning, prototyping, sourcing, costing, and commercialization. Use the following development framework to bring your own product idea to market.

Detailed explanation-2: -Test Marketing: This is the penultimate stage of the new product development process and involves testing the product and its suggested marketing program in realistic market settings.

Detailed explanation-3: -In case the go-ahead is given, the product is finally introduced into the market and this process is called commercialization.

Detailed explanation-4: -The most critical step of the new product release process is research and testing. Though a product might seem like a smart idea at its conception, a deeper look could reveal major vulnerabilities.