Process in developing of new product
- New Product Strategy – Innovators have clearly defined their goals and objectives for the new product.
- Idea Generation – Collective brainstorming ideas through internal and external sources.
- Screening – Condense the number of brainstormed ideas.
- Concept Testing – Structure an idea into a detailed concept.
- Business Analysis – Understand the cost and profits of the new product and determining if they meet company objectives.
- Product Development – Developing the sample, involves the putting together of ideas and materials to form a testing product to the market.
- Market Testing – a mix of testing through a trial run of the product.
- Commercialization – Introducing the product to the public.
- Evaluation – Involves research to monitor the progress of new service offering in relation to organizational goals.
That is with big companies or individuals who use planning’s, how about individuals with products that did not use or just used some of the steps? New Products, JUST HAPPEN? Go and sell, how smart is that?