What are the Steps in the Product Innovation Process?
The product innovation process typically involves several stages:
Idea Generation: Brainstorming and gathering ideas from various sources such as employees, customers, and industry experts. Idea Screening: Evaluating the feasibility, market potential, and alignment with business objectives to shortlist the best ideas. Concept Development: Developing detailed product concepts and creating prototypes to test the ideas. Market Testing: Testing the product in a real-world market environment to gather feedback and refine the product. Commercialization: Launching the product to the market with a comprehensive marketing and distribution plan.