How to Write a Business Development Essay - The Uni …
Essay heading: Business Development - ESSAYS BANK
The product development process becomes the product life cycle management process with the product introduction. Like people, products have different periods in their life: introduction, growth, maturity, decline, and death. The life cycle begins with the introduction; as the product becomes successful, there will be more demand and the product will grow until the demand reaches its highest level, called the maturity phase, or market saturation. After a while, the demand will decline as the product is not demanded anymore, and the company will sooner or later stop producing the product. There are many strategies to manage the product throughout its life cycle. However, these are beyond the scope of this essay.
Business Development Essay - 1793 Words | Bartleby
The next step in the product development process is the testing phase, which involves advertising and product testing, pretest and prelaunch market forecasting, and test marketing. The quality of advertising content is important in creating awareness and communicating the product. Through advertising testing, a good ad can be selected among many available alternatives; in addition, advertising testing can provide managers with insights into whether a particular ad is sufficient for a new product introduction. Product testing involves an analysis of whether the product performs or delivers its intended benefits; this test can be useful in identifying product deficiencies and thus improving the product. Laboratory tests, expert evaluation, and customer tests are some ways of conducting product testing.