1. Market Research: Conduct thorough market research to understand customer needs and identify gaps in the market. 2. Feasibility Study: Analyze the feasibility of the new product by evaluating its potential profitability and alignment with the company’s capabilities. 3. Product Development: Develop the new product, ensuring it meets quality standards and consumer expectations. 4. Marketing Strategy: Plan a comprehensive marketing strategy to promote the new product and create awareness among the target audience. 5. Monitor and Adjust: Continuously monitor the product’s performance and make necessary adjustments based on feedback and market trends.