Question

developing a unique superior product with high quality new features and high value in use is ___in new product development strategy a) new product development process b) typical reason for failure c) success factor d) Product concept e) develop superior products

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Answer 1

Developing a uniquely superior product with high-quality new features and high value in use is a success factor in a new product development strategy. (Option C)

• The New Product Development process consists of seven stages: idea creation, idea screening, concept formulation, and testing, market strategy development, product development, market testing, and market commercialization.
• New product creation assists businesses in diversifying their target consumer bases and expanding into new market categories.
• The following are some frequent product development examples.

1. Wheat flour is packaged in retail bags for home usage.
2. Cooking oil is packaged in retail sachets for domestic usage.
3. Converting landline phones into wireless handsets for convenient mobility and continuous communication access.