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