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