Developed and introduced into the market

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Question

A surprising thing that a student has learned is the length of time it takes for a new product to be developed and introduced into the market. What the student has learned is that companies wait years before a new product is introduced because of the rigorous and multi-step process involved in new product development, which includes stages such as research, development, testing, and regulatory approval. The recent development of the COVID-19 vaccine has given the impression that such processes are quicker. Why was this surprising to the student?

Reference no: EM133870553

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