This exemplifies product development.
Explanation:
The consumers receive new or additional benefits when product development with new or different specifications is performed. Product development may include changing or introducing an existing product or formulating a completely new product that meets a newly identified customer's wish or market demand.
The new product development cycle for small businesses is driven by five phases: idea creation, review, design growth, product development and lastly the marketing. Example: For household consumption, packing wheat flour in retail bags.
