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Wednesday 27 January 2010

Product Development

Product development carries the study to find out whether it is technically feasible to produce the product and if so at what cost to justify a reasonable price and profit. A working model of photo type is worked out to test its acceptability tangible and intangible attributes and other features that are in consumers mind. Further design and mechanical features of the produce must be liked to wants in market place to assess its overall success. At this stage management must also review copyright packaging and labeling to see that it does not create legal problem. In addition to that the various that will makeup the marketing mix must also be tested.

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