Reference no: EM133514667

Assignment:

1. Give answers to the following questions:

i. What does product innovation mean?

ii. What are the major steps involved in the development of a new product?

iii. What does product lifecycle mean?

iv. List the stages involved in the product lifecycle.

v. Explain how the marketing mix has to be changed during the different stages of the product's lifecycle?

2. State whether the following statements are True or False:

i. Product innovation is necessary to meet the changing preferences of consumers.

ii. Products, which are thoroughly screened during the development stage, always succeed in the market.

iii. New product ideas generate from consumers only.

iv. Product is introduced in the target market in full scale during market testing.

v. New products fail only because of unreasonable price.