Product Development Stages
Idea Generation
- Sometimes called 'Ideation'
- Idea Generation is the creative process of generating, developing, and communicating new ideas, where an idea is understood as a basic element of thought that can be either visual, concrete, or abstract.
Idea Screening
- Trying to figure out if the ideas are any good
- Figuring out whether the idea would offer a viable return on investment.
- Whatever does not meet the criteria and business objectives is typically discarded.
Concept Development
- If consumer feedback is positive, a prototype is made.
- Will allow you to see if the product works with the consumer
- Also important for getting feedback for future improvements
Concept Car made by BMW
Graphic model of a conceptual skyscraper
A concept for a phone by HTC
Market Strategy
- Marketing strategy includes all basic and long-term activities in the field of marketing that deal with the analysis of the strategic initial situation of a company
- Developing a marketing strategy and determining a market strategy
- Knowing how to go about marketing your product
Feasibility Analysis/ Study
- A feasibility study is an evaluation and analysis of the potential of the proposed project which is based on extensive investigation and research to give full comfort to the decisions makers
- A feasibility study evaluates the project's potential for success
- Answers the question "Can we make and sell this product and make money doing it?"
Product Design
- Appearance of the product
- Tries to keep up with the latest design trends
- The target market will need to like, or identify with, the design
Products designed to appeal to consumers:
Test Marketing
- Giving the product to a random sample to test out it's effects.
- Required to get feedback and to see if the product is accepted in the marketplace
- Google Glass is an excellent example of this
Market Entry
- Last stage of product development
- Product has now gone through all other stages
- The product is now officially being sold
- This is the starting of the product life cycle.