Answer: 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.