Stages in the new-product process

1. Idea Generation: This is the first stage in the new product development process. This stage is all about brainstorming and creating new product ideas. The ideas may come from a variety of sources including customer feedback, market research, and internal resources. 2. Idea Screening: During the second stage, the organization evaluates and narrows down all the ideas generated in the first phase. This stage allows the organization to determine which ideas should move forward and which should be discarded. 3. Concept Development and Testing: At this point, the organization will begin to refine the top ideas into actual product concepts. During this phase, the organization tests the concept to see how well it resonates with customers and identifies any potential risks associated with the concept. 4. Marketing Strategy Formation: During this stage, the organization develops a marketing strategy for the product. This includes identifying target markets, positioning the product for those markets, and developing a promotional strategy. 5. Product Development and Testing: After the product concept is finalized and a marketing strategy is in place, the organization then enters into the product development and testing phase. This step involves designing, manufacturing, and testing the product prior to release into the marketplace. 6. Commercialization: This final stage is when the product is introduced into the marketplace. This includes setting prices and distributing the product to target markets.