Question: What is product development and why is it necessary? Explain of the following stages of product development. a. Idea generation b. Screening c. Economic analysis

  1. What is product development and why is it necessary?
  2. Explain of the following stages of product development.

a. Idea generation

b. Screening

c. Economic analysis

d. Technical development

e. Test marketing

f. Commercialization

3. What is a sales potential and why is it an important criteria in product development

4. How important is potential competition in product development?

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