1. Rather than leaving new products to chance, a company must carry out strong new product planning and set up a systematic, customer-driven new product development process for finding and developing new products. In this context, do you think, to develop new products, a company must understand its customers, markets, competitors, and thereby develop products in a systematic manner. Substantiate your opinion by explaining different steps of the new product development process. (5 marks) 2. Do you think that companies use the 'Customer- centered new product development' approach to market their products more effectively? Substantiate your answer by defining the 'Customer-centered new product development' approach. (1 mark)