8 Steps of Product Development Process

Business Analysis

A review of the sales, costs, and profit projections for a new product.

Marketing Strategy Development

Initial marketing strategy for a new product (finding target market, profit goals, and marketing mix strategies)

Test Marketing

Introduces the product and its proposed marketing program into realistic marketing settings

Commercialization

Introducing a new product into the market (when to launch & where to launch)

Concept Development and Testing

Developing a new product into alternative product concepts then testing new product concepts with groups of target consumers

Product Development

Developing the product concept into a physical product to ensure that the product idea can be turned into a workable market offering. Costs & available resources are key factors to consider.

Idea Screening

Screening new product ideas to spot good ones and drop poor ones as soon as possible.

Idea Generation

Systematic search for new product ideas (developing new product ideas)