15. Definition
a creation, innovation,
enhancing the utility or
continuous improvement of
earlier characteristics of an existing
product or developing an
entirely new kind of product to
fulfill the customers’requirements.
WHAT ?
18. Create the prototype of
product and test it on
customers.
Separate good product
ideas with the bad ones
inexpensively..
Identify product’s features
and its marketing
strategy, as well as its
financial projections.
Develop concepts for
possible product.
Product Development Stages
19. Position and offer product
in the marketplace.
Test product and marketing
strategy in the marketplace
on a limited scale.
Product Development Stages
20. IDEA GENERATION
A continuous, systematic search for new
product opportunities.
It involves delineating sources of new
ideas and methods for generating
them.
Ideas for new products can be obtained
from basic research using a SWOT
analysis or using a Product Life
Cycle
25. Review of Product Costs, Sales, and Profits
Projections to see if they meet company
objectives
If yes,
move to the next stage
If no,
eliminate the
product concept
31. “the reasonable man adapts himself to the world;
the unreasonable one persists in trying to adapt the
world to himself. Therefore, all progress depends on
the unreasonable man”
- George Bernard Shaw