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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.
Before a product can embark on its journey through the four product life cycle stages, it has to be developed. New product development is typically a huge part of any manufacturing process. Most organizations realize that all products have a limited lifespan, and so new products need to be developed to replace them and keep the company in business. Just as the product life cycle has various stages, new product development is also broken down into a number of specific phases.