what are the main stages in developing new products and services

What are the main stages in developing NEW

PRODUCTS and SERVICES?

Idea Generation

Is Idea

Worth Consider

ing.

ExternalSources Internal

Sources

Idea Screening

Is the Idea Compatible with

Company ObjectivesStrategies

Resources

Concept Development & Testing

Analysing the concept from the view point of consumers.

Marketing Strategy Development Developing the initial

cost-effective

and consumer-

effective marketing strategy.

Business Analysis

Will the product meet the ultimate goals of the company i.e. Growth and Profit

SIMULTANEOUSLY.

Product DevelopmentFabricating

physical prototypes and testing Consumers.

Market Testing

Determines whether the consumers have met our expectations.

Commercialization

When? W

here?

To whom? How?

RecapStages in Developing New-Product and

Services• Idea Generation• Idea Screening• Concept Development & Testing• Marketing Strategy Development• Business Analysis• Product Development• Market Testing• Commercialization

References• http://www.dafont.com/champagne-limousin

es.font• https://hbr.org/1998/07/another-look-at-how

-toyota-integrates-product-development• https://www.google.co.in/search?q=w+l+gore

&biw=1242&bih=566&source=lnms&tbm=isch&sa=X&ei=h5aCVdPkE8Pn8AWcyKkg&sqi=2&ved=0CAgQ_AUoAw#imgrc=_

• http://www.slideshare.net/IbadatSingh/challenges-to-new-product-development-file

• https://leantesting.com/resources/wp-content/uploads/2014/11/challenges-of-being-a-social-vendor.jpg

Disclaimer

Created by Aakash Tripathi, IIT(BHU), during an internship by Prof. Sameer Mathur, IIM Lucknow.