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List the seven steps in the New Product Development Process
List the seven steps in the New Product Development Process.
Expert Solution
The seven high level steps involved in the process of any new product are as follows:
1) Generation and Screening of Various Ideas
2) Concept Testing via minimal viable product
3) Analysis of the business functions involved for the product and development of marketing strategy
4) Development of the final product
5) Test marketing for the final product
6) Commercialization of the product
7) Evaluation of the feedback for the product
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