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.