STAGES OF PRODUCT DEVELOPMENT
All 8 Stages
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.
Idea Screening
Marketers need to test consumer reaction to their idea before they continue. Throw the idea around and see what think about the product.
Concept Development
This stage will allow you to see if the product works and to allow your target market to use it/provide feedback for improvements
Market Strategy
The development of your marketing strategy. Determine your target market.
Feasibility Analysis/Study
A lot of questions are answered in this stage ( For Example)
~Materials/labour required
~Price of the production
~Distribution channels
~Cost of promotion
Product Design
What the product will look like.
The design will depend on what it does and what the target market wants .
Test Marketing
Test acceptance of the product.
Usually occurs by offering the product to a random sample of your target market.
Market Entry
The " Product Life Cycle " begins and its life will be determined by the consumer market competition further product advance.
Product 1
The new Samsung galaxy S4
Product 2
The two new burgers from McDonalds
Product 3
The new Arizona