For this assignment, choose a new product from an industry y

For this assignment, choose a new product from an industry you are familiar with and develop a table in which you include the following:Explain the steps and the main task(s) that must be completed in the new product development process.Explain why these steps are important.Describe the challenges that are presented in each step.In addition to the table, make sure to include an introduction, summary, and conclusion.Support your paper with a minimum of three scholarly/peer-reviewed resources published in the last 5 years. In addition to these specified resources, other appropriate scholarly resources, including older articles, may be included.ReferencesRebane, T. (2018). Complementarities in Performance Between Product Innovation, Marketing Innovation and Cooperation with Clients. University of Tartu – Faculty of Economics & Business Administration Working Paper Series, 113, 3–34.Brossard, M., Erntell, H., & Hepp, D. (2018). Accelerating product development: The tools you need now. McKinsey Quarterly, 3, 90–101.Kalaignanam, K., Kushwaha, T., & Swartz, T. A. (2017). The Differential Impact of New Product Development “Make/Buy” Choices on Immediate and Future Product Quality: Insights from the Automobile Industry. Journal of Marketing, 81(6), 1–23. https