Final answer:
The new-product development time refers to the period taken to create new products and introduce them to the market, which includes detailed design, prototyping, testing, and refinement leading to the final product ready for launch.
Step-by-step explanation:
New-product development time is the time taken to create new products and bring them to market (C). This involves several critical steps to ensure the success of a product. An important stage is developing a detailed design from a design concept, which can be quite time-consuming. This step is crucial for a successful project as it can significantly influence the outcome.
In this process, the design team works through various phases including prototyping, testing, and refinement. Prototyping and testing are iterative processes that help in revealing new insights about the product's characteristics which may not have been known earlier. The feedback gained from these stages can lead to repeated redesigns and refinements until the final prototype meets the required standards.
Additionally, the step known as 'Explore Possibilities' in the design process entails making additional designs, understanding design characteristics, testing the prototype, and improving the design based on feedback gathered from various sources. This step is pivotal in the development of new products. Furthermore, innovation plays a role in this process which can include incremental or radical modifications to enhance the product.