Product Development

The 8 stages-Bradley.b

1-Idea generation

An invention or innovation as a result of a gap in the current market. An idea to produce a product or service not currently available

2-Idea screening

Marketers need to test consumer reaction to their idea before they continue. Throw the idea around and see what people think.

3-Concept development

If the feedback from consumers and your business associates is positive, a prototype or sample is created. This stage will allow you to see if the product works and allow your target market to use/ provide feedback for improvements, etc.

4-Market strategy

The development of your market strategy. Determine your target market and how to use the 4 Ps optimally sell them your product

5-Feasibility analysis / study

Done at the same time as the product design and market strategy stages.

6-Product design

What the product will look like. The design will depend on what it does and what the target market wants.

7-Target Marketing

test acceptance of the product. Usually occurs by offering the product to a random sample of your target market.

8-Market entry

The product has officially entered the market.