The Product Development Process $($Keyboard Navigable Alternate Version$)$

The Product Development Process

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New goods and services keep current customers coming back for more and draw new customers into the market. Broad product assortments also help to diversify the firm$$s portfolio, thus lowering its overall risk and enhancing its value. This activity is important because although new$-$to$-$the$-$world products carry significant risk, they have tremendous potential because they offer something that has never before been available.

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In this example, a fictional computer accessories company called ElectroCompt develops a new product to enhance users$$ experience with the Apple iPhone.$$The goal of this activity is for you to recognize which specific actions take place at each step of the new$-$product development process$1$