Question: 1. What is a line extension, and how does it differ from a product modification? 2. Compare and contrast the three major approaches to modifying

1. What is a line extension, and how does it differ from a product modification? 2. Compare and contrast the three major approaches to modifying a product. 3. Identify and briefly explain the seven major phases of the new-product development process. 4. Do small companies that manufacture just a few products need to be concerned about developing and managing products? Why or why not? 5. Why is product development a cross-functional activity within an organization? That is, why must finance

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