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List and discuss the stages of a "New Product Development Process." Are these stages related to the four major strategies used to target market segments? Explain why or why not.



Answer :

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Final answer:

Explanation of New Product Development Stages and their relation to target market segments.


Explanation:

New Product Development Process Stages:

  1. Ideation
  2. Concept Development and Testing
  3. Business Analysis
  4. Product Development
  5. Market Testing
  6. Commercialization

Relation to Target Market Segments: The stages of the new product development process are closely related to the four major strategies used to target market segments, as each stage involves considerations of market research, consumer needs, and product positioning to appeal to specific target segments.

Example: In the Business Analysis stage, companies assess the market demand, competition, and financial feasibility, aligning their product concept with the identified target segments.


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