1. Idea generation Identify product ideas that will provide important customer
benefits compatible with company mission.
2. Product concept Expand product ideas into more complete product
development concepts and estimate the potential commercial success of
and screening product concepts.
3. Marketing strategy Develop preliminary plan for target markets, pricing, distribution,
development and promotion.
4. Business analysis Estimate potential for profit. What is the potential demand, what
expenditures will be required, and what is the cost of marketing
the product?
5. Technical development Design the product and the manufacturing-and-production
process.
6. Test marketing Develop evidence of potential success in the real market.
7. Commercialization Implement full-scale marketing plan.