Outline the Stages to Be Followed in Developing a New

question 40

Essay

Outline the stages to be followed in developing a new product for an international market. Illustrate using an example.

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Definitions:

Fixed Costs

Fixed costs are business expenses that remain constant regardless of production volume, such as rent, salaries, and insurance premiums.

Variable Costs

Costs that change in proportion to the level of goods or services produced by a business.

Net Income

The amount of profit remaining after all expenses, taxes, and costs have been deducted from total revenue.

Break-even Point

The point at which cost or expenses and revenue are equal, resulting in neither profit nor loss.