2. STEP 1: IDEA GENERATION
Ideas from various sources such as customers,
sales force, R&D specialists, competing products,
suppliers, retailers
3. STEP 1: IDEA GENERATION
Ideas from various sources such as customers,
sales force, R&D specialists, competing products,
suppliers, retailers
STEP 2: SCREENING
Screening separates ideas with commercial
potential from those that cannot meet company
objectives
4. STEP 3: BUSINESS ANALYSIS
Assessing the potential market, growth rate and
likely competitive strengths.
Concept testing subjects the product idea to
additional study prior to its actual development – to
measure consumer attitudes and perceptions about
the new product idea
5. STEP 3: BUSINESS ANALYSIS
Assessing the potential market, growth rate and
likely competitive strengths.
Concept testing subjects the product idea to
additional study prior to its actual development – to
measure consumer attitudes and perceptions about
the new product idea
STEP 4: DEVELOPMENT
Converts an idea into a visible product – build
prototype
6. STEP 5: TEST MARKETING
To gauge consumer reaction
To verify that the product will perform well in
real-life business environment. If the product
does well, the company can process to
commercialization
7. STEP 5: TEST MARKETING
To gauge consumer reaction
To verify that the product will perform well in
real-life business environment. If the product
does well, the company can process to
commercialization
STEP 6: COMMERCIALIZATION
Full-scale marketing