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
Play Station
New type of gaming system made by sony
Dre Beats
Advanced headphones
Ipod Touch Generation 5
Entertainment portable touch screen device
Stage 2 - Idea Screening
Marketes need to test comsumer reaction to their idea they processed.Throw out ideas and see what people think
Red Bull
A new energy drink made to keep you awake during the day
Orange Fanta
New brand of soda
Mountian Dew
Brand of soda made awhile ago
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
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
Stage 8 - Marketing Entry
The product is in the market