Question

Classification of new porduct development

Answer 1

New product development consists of a seven-step process. New product strategy, idea generation, idea screening, business analysis, development, test marketing and commercialization are the detailed steps every company needs to consider when getting ready to launch a new idea.

Answer 2

Classification of new products -

• New to the world product .
• New product lines
• Adding to existing product lines
• Improvement in existing product line
• Repositioning
• Cost reduction.