There are various steps followed in product development. briefly list the steps and provide explanations.

Product development refers to introduction of new product or enhancement of some existing product.

Explanation: It has following steps :-

1. Idea generation : It refers to marketing research and collection of different ideas and opinions.

2. Idea screening : It refers to analyzing those ideas.

3. Concept testing : It refers to analyzing the feedback from a sample of customers.

4. Business analysis : Evaluating whether the product will be profitable or not

5. Product development : Initiation of product introduction.

6. Test marketing : Introduction of product at a small stage

7. commercialization : Introducing product at a large level if the testing as successful.

8. Review of market performance : Monitoring the performance of product in the market.

answer; (true);