The stages of product development

Question 1

Marketers and inventors

Answer 1

• Marketers use innovations and inventions to create new products
• Inventors are often not marketers – they sell their ideas to product developers
• Innovators are usually marketers – they are improving existing products to gain profit

Question 2

The stages

Answer 2

1. Idea Generation (Brainstorming)
2. Idea Screening
3. Concept Development
4. Final Development
5. Product Launch (Market Entry)

Question 3

Idea Generation

Answer 3

• An invention or innovation as a result of a gap in the current market.
• An idea to produce a product or service not currently available.

Question 4

Idea Screening

Answer 4

• Not all ideas are good ones (ie – New Coke, McPizza).
• Marketers need to test consumer reaction to their idea before they continue.
• Throw the idea around and see what people think.

Question 5

Concept Development

Answer 5

• If the feedback from consumers and your business associates is positive, a prototype or sample is created.
• This stage will allow you to see if the product works and to allow your target market to use it / provide feedback for improvements, etc..

Question 6

Final Development

Answer 6

• Market Strategy
• Feasibility Study
• Product Design
• Test Marketing

Question 7

Market Entry

Answer 7

• The product is officially “in the market”
  and being sold to all.
• The “Product Life Cycle” begins and it’s
  life will be determined by the consumer
  market, competition and further product advances.