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Saturday, 22 September 2018

Stages Involved in New Product Development

Below are the stages involved in the new product evolutionary process :

1. Idea generation.
2. Idea screening.
3. Concept development and testing.
4. Marketing strategies development.
5. Business analysis.
6. Product prototype development.
7. Market testing.

The marketer must know what is involved in every stage and must personally know what should be done to make each stage successful.
     Going through each of the above stages is not merely pursuing theory but more essentially the marketer and others have to be practically oriented. The work of developing a new product is in the practical doing or handling of the important activities involved in each of the above stages.
     In managing each of the above stages, the organisation must be patient enough to do everything necessary and not rush with too much speed that is likely to fail.