1.1. Using a small group of your true customer base – those that convert – the idea need to be tested to see their reaction.
1.2. This stage gives us a chance to develop the concept further.
2. Business Analysis
2.1. Once the concept has been tested and finalised, a business case needs to be put together to assess.
2.2. This analysis needs to include: whether there is a demand for the product, a full appraisal of the costs, competition and identification of a break-even point.
3. Product Development
3.1. If the new product is approved, it will be passed to the technical and marketing development stage
4. Commercialisation
4.1. Final decisions need to be made to move the product to its launch into the market. Pricing and marketing plans need to be finalised and the sales teams and distribution briefed, so that the product and company is ready for the final stage.
5. Idea Generation
5.1. Under-taking market research
5.2. Listening to feedback on your current products’ strengths and weaknesses.
5.3. Encouraging suggestions from employees and partners
5.4. Looking at your competitor’s successes and failures
6. Idea Screening
6.1. Ideas need to be considered objectively.
6.2. Specific screening criteria need to be set for this stage, afford ability and market potential.
7. Test Marketing
7.1. Test marketing introduces the prototype product.
7.2. This process is required to validate the whole concept and is used for further refinement of all elements
8. Launch
8.1. A detailed launch plan is needed for this stage to run smoothly and to have maximum impact
8.2. Finally in order to learn from any mistakes made.
8.3. New product development can be made much simpler and focused
