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.