Explain the Value of the Stage-Gate Process of New Product

question 41

Essay

Explain the value of the stage-gate process of new product development.

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Definitions:

Trial

An examination or test of the value or nature of a product or concept, especially before a wider implementation or release.

First Purchase

The initial buying action taken by a consumer with a brand or product, marking the beginning of the customer's engagement with that brand.

Brand Name

The name given to a product or service from a specific source used to distinguish it from others.

Important Attributes

Key features or characteristics of a product or service that are significant to consumers and can influence their purchasing decision.