New Products and InnovationLearning Objectives:Understand the importance of new products.Identify the process of new product development.Understand the stages of the product life cycle.Explain the diffusion of innovation and its implications.Stress the relationship between new products and marketing strategy.Examine trends in the global marketplace and their potential impact.Reflection and Discussion 550 to 600 wordsReflect on the assigned readings for the week. Identify what you thought was the most important concept(s), method(s), term(s), and/or any other thing that you felt was worthy of your understanding.Also, provide a graduate-level response to each of the following questions:Consider the trends described in the chapter (e.g., aging, heightening environmental concern, or China). How will each affect the business you are in (or were in before coming to b-school)?Make a list of 3 of your favorite brands. What would be a great brand-, or line-extension that you would like to see developed as a new product?AssignmentActivity: Find four different products that are in the four different phases of the product life cycle. Give your opinions on the product in the market decline phase: whether the company should divest, harvest, or rejuvenate the product and the reasons behind your choices.The assignment is to answer the question provided above in essay form. This is to be in narrative form and should be as thorough as possible. Bullet points should not to be used. The paper should be at least 1.5 – 2 pages in length, Times New Roman 12-pt font, double-spaced, 1 inch margins and utilizing at least one outside scholarly or professional source related to marketing management. The textbook should also be utilized. Do not insert excess line spacing. APA formatting and citation should be used.