Q. No. 1 Assume yourself as a Marketing Specialist of a Company and Determine the New Product Development Process by manufacturing a New Product for your company. Max Marks 10

Max : 200words

New products suffer through five development stages throughout the product lifecycle.

Explanation:

Manufacturing a new product isn't easy for any company. There is always uncertainty whether that product will run successfully as per customer needs.

Stage 1: Idea

Every product development starts with an idea you need to get an idea about the market and about the customer needs. you need to find out what market requires the most. As soon as you got the idea you can jump to the next step.

Stage 2: Research

In this step, the company conducts market surveys about the product idea. The company has to provide samples to market to check their product is working perfectly or whether it requires some changes and how customers are responding. The company has to collect reviews from customers.

Stage 3: Marketing

Once the company got the customer reviews and they are positive then its time to tell the world about the product but the company has to analyze the 4 Ps that are price, place, promotion, and product. The company has to consider these Ps in marketing stage.

Stage 4: Business Analysis

This is a very important step where a company finds out about the factors about the product such as the product's profitability. Whether the product is profitable enough to carry on marketing activities.

Step 5 Commercilisation

After performing every stage properly its time to launch the product. In this stage, the company produces the product in large quantity and supplies it to market to cover all the cost it took to launch and make the company more profitable