· Business analysis, this is after a product has been shortlisted, and then is judged whether it is profitable.
· Product development, once an idea has been agreed upon, a prototype of the product is made so it can be tested.
· Test marketing, when the product is launched to a small target market, so that fine adjustments can be made to the product.
Innovation – The launch of a new product or process, an invention, onto the market for a commercial gain.
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