1. New Product and Service Development
10/1/2018

2. WHAT IS PRODUCT AND Service Development?
Product (or service) development includes a wide range of management activities, ranging from the time that there's a new idea for a product to eventually providing ongoing support to customers who have purchased the new product. Every organization conducts product development, whether it's done intentionally or unintentionally.

4. What is a product Concept?
Product concept is the understanding of the dynamics of the (business)in order to showcase the best qualities and maximum features of the product. Marketers spend a lot of time and research in order to target their attended audience. Marketers will look into a product concept before marketing a product towards their customers.

5. What is Product Research?
Product research is a very important activity in new product development – it can be carried out at several stages of new product development. In the initial stages, product research can be carried out to identify and screen new ideas. This testing will help reduce costs by avoiding product development costs in the discarded ideas.

6. What is Product Analysis?
The product analysis is a popularly done method that is adopted by most companies. The document analyzes the intricate details of the product with respect to its production, material needed for production and the economic and market factors.

7. What is Product Development?
The creation of products with new or different characteristics that offer new or additional benefits to the customer. Product development may involve modification of an existing product or its presentation, or formulation of an entirely new product that satisfies a newly defined customer want or market niche.

8. What is a product Launch?
The debut of a product into the market. The product launch signifies the point at which consumers first have access to a new product.