Explain the basic idea of how to develop a new product, Chemistry

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How To Develop A New Product

Product development is an innovative activity designed to meet the identified needs in the market.
Consumer perception and preference have to be studied while formulating a new product.
Product development comprises formulation, standardization of processing method and evaluation and testing of final product.
The simplest methodology in product development is the trial and error method.
Statistical methods of product development are Factorial experiment and mixture experiment.

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