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

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.