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product development is that of a highly dispersed process that capitalizes on the skills and insights of people and organizations spread throughout the entire world. However, the benefits of dispersion come at a cost.
The new product development process is the cycle that a new product has to undergo from conceptualization to the final introduction into the market. Five phases guide the new product development process for small businesses. This is the initial stage where a business sources for ideas regarding a new product. Some of the sources for new product ideas include the business customers, competitors, newspapers, journals, employees and suppliers.