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Product Development

Idea Generation

Ideas from:

  • Customers and users

  • Marketing research

  • Competitors

  • Exhibiton

  • Other market

  • Company people

Screening

  • Strengths and weaknesses

  • Fit with objectives

  • Market trends

  • Rough ROI estimate

Idea Evaluation

  • Concept testing

  • Reactions from customers

  • Rough estimates of costs,sales and profits

Development

  • R & D

  • Develop model or service prototype

  • Test marketing mix

  • Resive plans as needed

  • ROI estimate

Commercialization

  • Finalize product and marketing plan

  • Start production and marketing”Roll out”in selected markets

  • Final ROI estimate



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