The process generally includes several key stages:
Idea Generation: This is the brainstorming phase where entrepreneurs come up with multiple ideas for new products. Idea Screening: Not all ideas are viable. This stage involves evaluating the feasibility and potential of each idea. Concept Development and Testing: The selected idea is developed into a concept and tested for market validity. Business Analysis: Detailed analysis of the concept’s business potential, including cost, revenue projections, and market research. Product Development: Creating a prototype and refining the product based on feedback. Test Marketing: Introducing the product to a limited audience to gauge its performance. Commercialization: The final product is launched to the market.