This activity is important because many companies use a specific sequence of steps to develop new products efficiently and make their products ready for market, something known as the new$-$product development process. The new$-$product development process includes seven stages an organization goes through as it identifies business opportunities and converts them to a salable good or service.

By any measure, Apple, Inc. is a successful company. From its inception, when it made one computer for what was then the entire market for small computers, Apple has evolved into a company that makes a variety of products for a number of different market segments$$everything from computers to digital music players to cell phones.