Developing New Products

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Developing New Products
Products and services begin life as an idea. Via
the marketing information system a company will
gather information from and about
customers. Sales people and dealers feed
information about the market back to
producers. Although ideas can be purely
inspirational (the eureka approach), formal
techniques have been developed that help
companies generate better ideas (scientific
method). TO DEVELOP AN IDEA INTO A SALEABLE
PRODUCT/ SERVICE IS A LONG, DEMANDING AND
EXPENSIVE PROCESS. Pride and Farrell have put
together the following 6 phase model.
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New Product Development Funnel
NEW IDEAS
SCREENINGIDEAS
CONCEPT TESTING
BUSINESS ANALYSIS
PRODUCT DEVELOPMENT
TEST MARKET
PRODUCT LAUNCH!