Question: This activity is important because whatever new product type a firm plans to develop, it will likely follow a formal new product development ( NPD

This activity is important because whatever new product type a firm plans to develop, it will likely follow a formal new product development (NPD) process. This process consists of seven stages: (1) new product strategy development, (2) idea generation, (3) idea screening, (4) business analysis, (5) product development, (6) test marketing, and (7) product launch.

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