What Steps Should Be Taken to Develop a New Product or Service?
The development process typically follows these steps:
1. Idea Generation: Brainstorming sessions, customer feedback, and market analysis can spark new ideas. 2. Feasibility Study: Assess the technical, financial, and operational feasibility of the idea. 3. Prototype Development: Create a prototype to test the concept and gather feedback. 4. Market Testing: Introduce the prototype to a small segment of the market to gauge its reception. 5. Final Development: Refine the product or service based on feedback and prepare for a full-scale launch.