Final answer:
Product development is a cross-functional business process that involves multiple departments working together to create and launch a new product.
Step-by-step explanation:
The correct answer is option C) Product development. Product development is a cross-functional business process that involves multiple departments working together to create and launch a new product.
This process often includes collaboration between teams such as marketing, research and development, operations, and finance. In product development, each team plays a unique role in ensuring the success of the new product.