Answer to Question #230955 in Marketing for Annu

Question

Explain New-Product development Process? Do you think acquire a new product is good strategy? Discuss it with relevant
examples.

Answer 1

New-Product development process involves seven stages, including ideation, research, planning, prototyping, sourcing, costing, and commercialization. Acquiring a new product is good strategy since it creates uniqueness in the market, enabling one to sell his/her brand differently from the competitors