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Essay text:
When firms do not change their product mix; to meet the requirements of changing consumer desires, government regulations completion and a host of other factors: market share and profits usually decline .The life of a new company often depends on how it conceives, produces and markets new products.
A new product passes through various gates beginning from Idea Generation Gate where ideas are systematically searched and screened towards the Feasibility Gate where attractiveness of ideas are evaluated on various grounds.
Attractive ideas must be developed into a product concept at the Capability Gate...
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