What are the Key Steps in Developing an Innovative Product?
The development of an innovative product typically follows these key steps:
1. Idea Generation: Brainstorming and gathering ideas from various sources such as employees, customers, and industry experts. 2. Concept Development and Testing: Refining the idea into a viable concept and testing it with a small group of target customers. 3. Business Analysis: Assessing the feasibility, profitability, and potential risks associated with the product. 4. Product Development: Designing, engineering, and manufacturing the product. 5. Market Testing: Launching the product in a limited market to gather real-world feedback. 6. Commercialization: Rolling out the product to a wider audience, supported by strategic marketing and sales efforts.