Question

Define New Service Development. Explain in detail the New Service Development Process Cycle.

Answer 1

Process of developing a new product or service for the market. This type of development is considered the preliminary step in product or service development and involves a number of steps that must be completed before the product can be introduced to the market.

New product development is a process of taking a product or service from conception to market. The process sets out a series of stages that new products typically go through, beginning with ideation and concept generation, and ending with the product's introduction to the market.

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