Marketing involves identifying and satisfying customer needs in a profitable manner. The marketing process discovers unfulfilled customer needs and brings products to market to meet those needs. This process can be modeled as a sequence of steps. Marketing also involves using a mix of promotion, price, place, and product to target different market segments that are often defined by geographic, demographic, psychographic, and behavioral factors. When developing new products and services, organizations must consider characteristics like intangibility, inseparability, heterogeneity, and perishability that are core to services. The new product development process progresses through different stages as well.

1. MARKETING

9. Con’t Stages in New Product Development