The Eight Stages in New Product Development Process by Kotler

The Eight Stages in New Product Development Process by Kotler

Every product that you see from a company goes through a number of stages before being introduced in the market. The New Product development is a journey and also is the road that leads to the actual product and then the actual product to the market

1. Idea Generation: includes: need/problem analysis, brainstorming, other techniques.

2. Idea Screening: use a variety of product rating devices to limit the chance of errors.

3. Concept Development and Testing: develop a concept aimed at specific target markets; conduct concept testing research.

4.Marketing Strategy Development: craft a marketing strategy plan which includes the full marketing mix.

5. Business Analysis: Evaluate the marketing plan with special emphasis on sales, cost, profit estimates.

6. Product Development: Develop prototypes. First have functional tests then consumer tests.

7. Market Testing: Conduct pilot market testing of the full marketing strategy.

8. Commercialization: With commercialization one has to ask three core strategic questions: WHEN, WHERE, HOW

2 thoughts on “The Eight Stages in New Product Development Process by Kotler

  1. I am not sure where you’re getting your information, but great topic.
    I needs to spend some time learning much more or understanding more.
    Thanks for great info I was looking forr this info for my
    mission.

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