1. What is a line extension, and how does it differ from a product modification? 2. Identify and briefly explain the seven major phases of the new-product development process. 3. Why is product development a cross-functional activityinvolving finance, engineering, manufacturing and other functional areaswithin an organization? 4. Why can the process of commercialization take a considerable amount of time? 5. What is product positioning? When Marketers introduce a new product, who determines what position this product will fall in reference to already existing products on the market? 6. What are the advantages and disadvantages of a venture team approach for new products?