Discussing the Concepts (In your own words, write your answers in a yellow paper.

Provide examples if necessary. Minimum 80 words per number.)

1. Name and describe the major steps in developing a new product.

2. Define crowdsourcing and describe an example not already presented in the
chapter.
3. Compare and contrast the terms product idea, product concept, and product
image.
4. Explain why successful new product development requires a customer-centered,
team-based, and systematic effort.
5. Why do products enter the decline stage of the product life cycle?

Applying the Concepts

1. Identify a specific company that has sustained success in the maturity stage of
the product life cycle for many years. Discuss how it has evolved over the
years. Identify ways that the company can continue to evolve to meet changing
consumer needs and wants.
Note: Coordinate your work with your classmates to avoid repetition of the
company to be presented. Presentation of output will be on Wednesday,
October 9, 2019. Kindly provide a powerpoint for your discussion.