■Product development: This is a very crucial stage because at this stage, the product
idea is transformed into a technically and commercially viable offering in the form of a
prototype.
■Marketing testing: In order to minimize risk, the company prefers to test the reaction of the
consumers by placing it in a wider and real marketing environment.
■Commercialization: Once the fi rm fi nds the test marketing testing data are supportive of
launching the new product, it will go ahead for commercialization and must consider time and
geographical location of launching the new product.
OR
2.b Label may be a simple tag or a special graphical representation either printed, or affi xed on
the container or ...
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