Product Lifecycle Management (PLM) is a strategic process of allocating resources – how to reduce cost and introduce the product in the market that is according to customer needs and wants.
New Product Development is a process. It is a pathway that directs you to the actual product and actual product lead you to the market. Before company introduce a new product in the market, it goes through almost 8 stages.
We can define a product anything – goods, services and ideas - that can be offered in a market to satisfy customer needs and wants. Product have a bundle of tangible and intangible characteristics.
A brand name is an element which allows customers to identify and differentiate the brand from other products. Choosing a brand name requires careful consideration as it represents the key concept of the product or service in an economical and efficient way.