While developing new products is far from an exact science,most firms do follow a formal new-product development process.

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Most firms follow a formal new-product development process that involves various stages, such as idea generation, concept development and testing, market research, product design and development, testing and validation, and launch. However, the specific process and number of stages may vary depending on the industry, company, product, and market.

While Developing New Products Is Far from an Exact Science,most