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Steps in Development of New Product: 1. IDEA GENERATION:-Idea Generation Is The First Important Step in

The document outlines the 7 steps in the new product development process: 1) idea generation, 2) screening product ideas, 3) concept testing, 4) business analysis, 5) product development, 6) test marketing, and 7) communication. It also describes the 4 stages of a product life cycle: 1) introduction, 2) growth, 3) maturity, and 4) decline.

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narendranvel
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91 views4 pages

Steps in Development of New Product: 1. IDEA GENERATION:-Idea Generation Is The First Important Step in

The document outlines the 7 steps in the new product development process: 1) idea generation, 2) screening product ideas, 3) concept testing, 4) business analysis, 5) product development, 6) test marketing, and 7) communication. It also describes the 4 stages of a product life cycle: 1) introduction, 2) growth, 3) maturity, and 4) decline.

Uploaded by

narendranvel
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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STEPS IN DEVELOPMENT OF NEW PRODUCT

1. IDEA GENERATION:- Idea generation is the first important step in


The development of a product . It is a systematic and regular search
For new product possibilities.

2. SCREANING PRODUCT IDEAS:- At this step, an attempt in made to


Identify the best suited product to future activity of entrepreneur.

3. CONCEPT TESTING:- Promising new product ideas are converted


Into testable consumer concepts. it determines customers attitudes
Before product development.
4. BUSINESS ANALYSIS:- At this stage, an attempt is made to find
Out the profitability of the new product ideas from business point
Of view.

5. PRODUCT DEVELOPMENT:- At this step, efforts are made to give


Practical or physical shape to the product idea.

6. TEST MARKETING:- Under test marketing , the entire product


And marketing programme is tried out for the first time on a small
Number of well selected potential customers.

7. COMMUNICATION:- Communication refers to introduce the


Product into the market.
PRODUCT LIFE CYCLE

Product life cycle is an attempt to recognize distinct stages in the


Sales history of a product .

The various states of product life cycle are :-

1. INTRODUCTION :- Introduction of product in the market is


Characterized by slow sales growth, higher product prices etc.

2. GROWTH:- Growth stage is featured by quick rise in sales and


Maximum profitability.
3. MATURITY:- Maturity stage represents that period in the product
Life cycle when sales increase at decreasing rate .

4. DECLINE:- At this stage, there is decline in both sales and profits.

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