How do we conceptualize customer$-$centered new$-$product development?

Trying out new$-$product concepts with a group of target consumers to find out if the concepts have strong consumer appeal.

An approach to developing new products in which various company departments work closely together, overlapping the steps in the product$-$development process to save time and increase effectiveness.

New$-$product development that focuses on finding new ways to solve customer problems and create more customer$-$satisfying experiences.

A new$-$product development approach in which one company department works to complete its stage of the process before passing the new product along to the next department and stage.

The course of a product's sales and profits over its lifetime. It involves five distinct stages: product development, introduction, growth, maturity, and decline.