STAGES IN

NEW PRODUCT DEVELOPMENTProduct development

8 STAGE PROCESSScreening after each stage

IDEA GENERATIONFinding a new idea worth considering

Stage : 1

IDEA SCREENINGCheck compatibility of product idea……….

…………..With company objectives, strategy & resources

Stage : 2

CONCEPT development & testing

Find a good concept from the idea

consumers would try

Stage : 3

MARKETINGDEVELOPMENT

STRATEGY

cost-effective & affordable

Stage : 4

BUSINESS ANALYSISEstimating Sales, Cost & Profit Projections

Stage : 5

PRODUCTDEVELOPMENT

Quality Function Prototype (QFP)Make a working prototype

Stage : 6

MARKET TESTING

Product is sent to markets Sales and trials are studied

Stage : 7

COMMERCIALIZATION

Introducing new product Into target markets

& advertising

Stage : 8