gbengs2008 gbengs2008

15-06-2024
Business

Answered

List and discuss the stages of a "New Product Development Process." Are these stages related to the four major strategies used to target market segments? Explain why or why not.

Answer :

GinnyAnswer GinnyAnswer

15-06-2024

Final answer:

Explanation of New Product Development Stages and their relation to target market segments.

Explanation:

New Product Development Process Stages:

Ideation
Concept Development and Testing
Business Analysis
Product Development
Market Testing
Commercialization

Relation to Target Market Segments: The stages of the new product development process are closely related to the four major strategies used to target market segments, as each stage involves considerations of market research, consumer needs, and product positioning to appeal to specific target segments.

Example: In the Business Analysis stage, companies assess the market demand, competition, and financial feasibility, aligning their product concept with the identified target segments.

Learn more about New Product Development Process here:

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