New Product Development Process $(50\%)$

Critically analyze how the company develops new products, addressing the following stages:

Idea Generation and Screening:

How does the company generate new product ideas and decide which ones to pursue?

Use real$-$world examples and support your analysis with academic theories.

Concept Development and Testing:

How does the company refine its ideas into workable product concepts?

Mention any methods like focus groups or surveys and back up with relevant

academic insights.

Product Development and Testing:

What steps does the company take to develop the product, including prototyping and

cross$-$functional collaboration?

Provide examples and use relevant NPD theories.

Market Testing:

How does the company test the product in real markets, gather customer feedback,

and refine it$?$

Discuss pilot launches and customer trials.

Commercialization:

How does the company launch and market its product in an emerging market?

Include strategies for marketing, distribution, and addressing market challenges.$|$

Please help me answer this question. The company in particular is Sony and the product is PS VR$2$