Stages of a New Product Process That Leads to Success
1. Idea Generation
The process of developing a new product starts with an idea or concept. Where do new ideas come from? They can come from employees, vendors, current and potential customers, management, competitors, and yes, family and friends.
ACTION: The Product Development Team must have and / or create a system to capture all ideas and assess concepts based on company interests.
2. Filtering Ideas
Step 2 is filtering ideas. This step is part of the process for filtering “yes” and “no”. This process is important to reduce concepts and choose what is appropriate. This process can take several days or weeks, depending on the company and approval review. The concept chosen was what the company felt would turn into a profitable service or product.
ACTION: What happens to unselected concepts? They must be saved for possible future opportunities. The company must not discard ideas; they might be …
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