Product Development Process

The marketing strategy involves evaluation of market size, product demand in first few years.

The new product is ready with brand name, packaging, price to capture space in consumer’s mind.

It involves launching of product across target market backed by a proper marketing and strategy plan.

All new ideas proposed can be converted into products.

The idea screening is the first step in the Product Development Process.

Here more than one possible product are created.

Development Process: Here a product idea is converted into several product concepts.

Companies list ideas into three categories promising ideas, marginal ideas and rejects.