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