1.
Idea Generation: Brainstorming and gathering ideas from various sources such as market research, customer feedback, and internal brainstorming sessions.
2.
Concept Development: Refining ideas into detailed concepts, including target market, product features, and potential benefits.
3.
Feasibility Analysis: Evaluating the technical feasibility, cost, and market potential of the product. This includes
financial analysis and risk assessment.
4.
Product Design: Creating detailed designs and prototypes. This stage often involves
cross-functional teams including engineers, designers, and marketers.
5.
Development: Building the product based on design specifications. This stage may involve multiple iterations and testing to ensure quality.
6.
Testing and Validation: Conducting rigorous testing to validate the productâs performance, safety, and compliance with regulations.
7.
Market Strategy: Developing a
marketing strategy that includes pricing, promotion, and distribution plans.
8.
Launch: Introducing the product to the market through a coordinated launch plan.
9.
Post-Launch Review: Analyzing product performance and gathering feedback for future improvements.