For Assignment $1,$ select a company and come up with a new product category that the company might develop. $($Below is a list of companies featured as case studies in the textbook and some potential new product concepts for those companies, or you may create your own conceptual product area for a real company.$)$ Reveal the company and at least three new product category ideas, then answer the following:

Why is the opportunity identification phase of new product development so critical, and what makes it so difficult?

Diagram the product development process $($sequence of steps you will take$)$ to develop a new product.

Describe each step in one paragraph and explain why choosing your new product idea is so important.