The new product development strategy should be compatible with the objectives of the marketing department, the business unit, and the corporation.
The conceptualization, design, development, and marketing of newly produced or recently rebranded goods or services are all steps in the process known as product development, sometimes known as new product management.
By meeting a consumer's need, product development aims to cultivate, maintain, and grow a company's market share.
A product's target market must be established early in the product development process because not every product will appeal to every customer or client group. At every stage of the design process, including before the product or service is conceptualized, during the product's development, and after it has been released, quantitative market research should be carried out.
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