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8 stages of product development 1. 2. 3. 4. 5. 6. 7. 8.

Opportunity identification Idea generation Concept development process Marketing planning Business analysis Product development Test marketing Commercialiazation

The first element is the opportunity identification. In this element, large or incremental business and technological chances are identified in a more or less structured way. Using the guidelines established here, resources will eventually be allocated to new projects.... which then lead to a structured NPPD (New Product & Process Development)strategy

Idea Generation is often called the "fuzzy front end" of the NPD process Ideas for new products can be obtained from basic research using a SWOT analysis (Strengths, Weaknesses, Opportunities & Threats), Market and consumer trends, company's R&D department, competitors, focus groups, employees, salespeople, corporate spies, trade shows, or Ethnographic discovery methods (searching for user patterns and habits) may also be used to get an insight into new product lines or product features. Lots of ideas are being generated about the new product. Out of these ideas many ideas are being implemented. The ideas use to generate in many forms and their generating places are also various. Many reasons are responsible for generation of an idea. Idea Generation or Brainstorming of new product, service, or store concepts - idea generation techniques can begin when you have done your OPPORTUNITY ANALYSIS to support your ideas in the Idea Screening Phase (shown in the next developme Idea Generation. One of the most important aspects of developing a new product, idea generation is often referred to as the fuzzy end, namely because the idea is unfocussed and need s a lot of developing, but without this first spark, there can be no further developments.

Concept Development and Testing. This stage focuses on marketing and engineering details. A rapid prototype should be created so that the product is proven to be feasible. In this stage you would also focus a lot more on the target market and who in a given situation makes the decision to purchase. Concept Development and Testing

Develop the marketing and engineering details o Investigate intellectual property issues and search patent data bases o Who is the target market and who is the decision maker in the purchasing process? o What product features must the product incorporate? o What benefits will the product provide? o How will consumers react to the product? o How will the product be produced most cost effectively? o Prove feasibility through virtual computer aided rendering, and rapid prototyping o What will it cost to produce it?
A solid marketing and launch plan along with confidence in the product's ability to sell helps to inform the key decision makers at the test and validation gate. If there is any uncertainty in the marketing or launch plans there are two options to consider. First, a simulated market test may be run, in which customers will be exposed to new products in a staged advertising and purchasing situation. The goal of this test is to obtain an early forecast of sales and make any necessary adjustments to the marketing plan. The second test involves trial sales, and is done through specific channels, regions, or consumer demographics

Stage 4: Marketing Strategy and Development

How will the product/service idea be launched within the market? A proposed marketing strategy will be written laying out the marketing mix strategy of the product, the segmentation, targeting and positioning strategy sales and profits that are expected. Business Analysis. This is also a very important area of product development, whereby the potential profitability of a product is heavily analysed. Using tools such as the Fourt Woodcock equation, sales projections and profit margins would be looked at. Business Analysis

Estimate likely selling price based upon competition and customer feedback Estimate sales volume based upon size of market and such tools as the Fourt-Woodlock equation Estimate profitability and break-even point

Stage 6: Product Development

Finally it is at this stage that a prototype is finally produced. The prototype will clearly run through all the desired tests, and be presented to the target audience to see if changes need to be made.

Stage 7: Test Marketing

Test marketing means testing the product within a specific area. The product will be launched within a particular region so the marketing mix strategy can be monitored and if needed, be modified before national launch.

Stage 8: Commercialization
If the test marketing stage has been successful then the product will go for national launch. There are certain factors that need to be taken into consideration before a product is launched nationally. These are timing, how the product will be launched, where the product will be launched, will there be a national roll out or will it be region by region Commercialisation. The product is launched at this stage and associated advertisements are created and implemented, and initial feedback is received. Commercialization (often considered post-NPD)

Launch the product Produce and place advertisements and other promotions Fill the distribution pipeline with product Critical path analysis is most useful at this stage