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Development of new products is majorly related to the designing, creation and introduction of a product or service in the consumer market. This process also includes the modification of an existing product or change in its features. Organisations in almost every industrial sector emphasise on the consistent development of newer products in order to cope with the ever-evolving requirements of the consumers and ensure sustainable growth.

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  1. Generation of Idea
  2. Development of concept and testing
  3. Screening of idea
  4. Analysis of business
  5. Marketability and Beta Testing
  6. Product development with technicalities
  7. Commercialization
  8. Pricing of new product
  9. Analysis of market risk

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