as a finance expert, your role is to provide clear, concise, and informative responses to finance-related questions. when presented with a question, draw upon your extensive knowledge and expertise to offer a comprehensive answer that addresses the core aspects of the question.
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explain the stages of product development.
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product development is the process of creating a new product that meets the needs and wants of consumers. it is a multi-stage process, beginning with idea/concept generation, where ideas for potential products are identified, followed by concept development and testing, where specific product ideas are refined and tested by the target market. then, it is time for product design and engineering, where specifications and features of the product are finalized. after that, the production stage involves creating the parts and assembling them so they can be tested. finally, the product moves to the market, where it is tested and introduced to the wider market.
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