TrendsPolitical and legalEconomicTechnologicalProduct Ideas related to this trendSocial/culturalName of team member whohad this idea c. Best IdeaD. Product Market/Industry Definition of Best NewProduct Idea.E. Product Market/Industry Trend. For the Best NewProduct Idea.• Trend:• Source:F. Target Market. (Describe either the B2C or B2B targetthat is most important per the instructions.)G. Competitive Rivals. List 3 key competitive rivals.H. Competitive Advantage.

Introduction: There are a lot of strategic steps that the organization has to follow before…

Answered: D. Product Market/Industry Definition…

17th Edition

ISBN:9780134492513

Author:Kotler, Philip, Armstrong, Gary (gary M.)

Publisher:Kotler, Philip, Armstrong, Gary (gary M.)

Chapter1: Marketing: Creating Customer Value And Engagement

Section: Chapter Questions

Problem 1.1DQ

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Step 1

Introduction:

There are a lot of strategic steps that the organization has to follow before introducing the product into the market and for this strategic management places the crucial role.
New product development is a sub-part of strategic management of the company.
If the developed product meets the needs of the customers, then they will do the repeatable purchase but if the developed product to failed to meet the needs of the customers, then again it will undergo the modifications stage which leads to the additional cost to the company. To overcome this organizations develops the "product development strategy".
The product development strategy includes the steps as follows: