Product Development

By Chevaughn Jones

8 Stages of Product Development

There are 8 Stages: 1. Idea Generations 2. Idea Screening 3. Concept Development 4. Market Strategy 5. Feasibility Analysis 6  Product Design 7. Test Marketing 8. Marketing Entry  

Stage 1 - Idea Generation

An invention or Innovation as a result of a gap in the curret market

Stage 2 - Idea Screening

Marketes need to test comsumer reaction to their idea they processed.Throw out ideas and see what people think  

Stage 3 - Concept Development

After throwing around ideas, When one idea end up being positivethey make a prototype.it allows you to see if the product would work or not.

Stage 4 -Market Strategy

Marketing Strategy is a development process that determines your target matketand how to apply the 4 P's are Place ProductPromotion Price

Stage 5 - Feasibility Analysis / Study

The Feasibility Study is often done the same time as Product Design & Market StrategyThey would ask a simple question like "Can we sell this product and make money doing it?"

Stage 6 - Product Design

What the product would look likeThe design will depend on what it does and what the target market want
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Stage 7 - Test Marketing

That is when the product is being put to the test and see if the productis worth going on the market.Costomers feedback can help improve the product for the future
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Stage 8 - Marketing Entry

The product is in the market