The Stages of product Development

"Everything begins with an idea." -Earl Nightingale

Stage 1: Idea Generation

  • Generating ideas regarding new product development
  • An invention or innovation as a result of a gap in the result market
  • An idea to produce a product or service not currently available
  • Research such as customer liking and disliking could be a part of it .

Stage 2: Idea Screening

  • Not all ideas are good ones
  • Accept the best and suitable idea and reject the others
  • Marketers need to test consumer reaction to their idea before they continue
  • Throw the idea around and see what people think

Stage 3: Concept Development

  • A prototype and a sample is created in a result of positive feedback from the consumers and the business associate
  • Test the product within the company before the actual launch
  • Group of consumer test the product and provide their feedback on it.

Stage 4: Market Strategy

  • The development of the marketing strategy
  • Determine the target market, primary consumers and secondary consumers
  • Time to use the 4 P's

Idea 5: Feasibility Analysis/Study

  • Marketers decides whether they will be able to make and sell the product while making profit
  • Stage where sales and profit are given consideration
  • Determine the competition for similar product

Stage 6: Product Design

  • Decision of What does the product look like
  • Design will depend on what the product does and what the target market wants.
  • A physical product which is put under functional and consumer test.
  • Consumer's feedback is given consideration.

Stage 7: Test Marketing

  • Test acceptance of the product
  • Offering samples of the product to the random target market
  • Customer feedback is used to improve the venture
  • Product is ready to be launched in the market with a proper brand name.

Stage 8: Market Entery

  • Officially "in the market"
  • The "product life cycle" begins and its life will be determined by the consumer market, competition, and further product advances.
By: Tahreem Nawaz