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What are the main stages in developing NEW
PRODUCTS and SERVICES?
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Idea Generation
Is Idea
Worth Consider
ing.
ExternalSources Internal
Sources
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Idea Screening
Is the Idea Compatible with
Company ObjectivesStrategies
Resources
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Concept Development & Testing
Analysing the concept from the view point of consumers.
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Marketing Strategy Development Developing the initial
cost-effective
and consumer-
effective marketing strategy.
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Business Analysis
Will the product meet the ultimate goals of the company i.e. Growth and Profit
SIMULTANEOUSLY.
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Product DevelopmentFabricating
physical prototypes and testing Consumers.
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Market Testing
Determines whether the consumers have met our expectations.
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Commercialization
When? W
here?
To whom? How?
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RecapStages in Developing New-Product and
Services• Idea Generation• Idea Screening• Concept Development & Testing• Marketing Strategy Development• Business Analysis• Product Development• Market Testing• Commercialization
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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
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Disclaimer
Created by Aakash Tripathi, IIT(BHU), during an internship by Prof. Sameer Mathur, IIM Lucknow.