QUESTION 4 [25]

Product development is the complete process of taking an idea from concept to delivery and beyond. Whether you are delivering a brand new offering or enhancing an existing product, the product development cycle begins long before anything gets built. It encompasses everything from brainstorming the initial concept to strategically planning, building, and releasing it to market and then measuring its success. With this regard

4.1 Discuss the fundamental motives for developing new products and services. (9)

4.2 Explain the importance of customers in a product or service development processes. (16)