Exploration : This is the first stage of new product development begins with the idea of a product. Thus, this step is also known as
" Idea Generation " . Ideas can Origination Research and Development , distributors, consumers , employees, etc. All ideas may not have the immediate potential market. At the same time, a company should always have a collection of different ideas for the creation of a new product is the condition of survival in many industries. The activities carried out in this stage are: -
i . ) Determine the field of products of interest to the company.
ii . ) The establishment of a program for generating ideas.
iii . ) Gather ideas through an organized work.
Projection : This is the second stage, when collected and reviewed to eliminate those who are not in conformity with policies of products and services ideas. Some ideas can always be protected by patents. Some other policies may not be eligible for consideration by the lack of availability of resources for production. The main purpose of this step is to remove only inadequate ideas as quickly as possible . Here the strategy adopted includes:
i . ) Expanding each idea on the concept of complete product.
ii . ) Collect data and reviews to decide whether the idea could turn into a business proposition .
iii . ) The evaluation of each idea of their potential value to the company.
Business Analysis : This is a continuation phase of the previous stage. Here , the creative analysis is applied to the finally selected idea. Product features are analyzed and rough set for program development. This step emphasizes :
i . ) Further study on each idea in detail.
ii . ) The determination of the desirable characteristics of the product and market viability, and
iii . ) Development of specifications and the establishment of a definite program for the product .
Development : During this stage, the idea became hands on the product. The idea becomes a product that is producible and demonstrable . It is during this stage all the developments of the products; from idea to final physical one , which was sold in the market is held . Once the organization decides to pursue the idea of the product, the following activities :
i . ) Modify the product with modified characteristics .
ii . ) Competing laboratory evaluation and the completion of the test product.
Proof: The objective of this stage is to consider whether the product meets the technical and commercial objectives displayed in the original. The test may be the proof of concept , product testing and finally the test marketing .
Marketing : In this stage , the product is presented to the target market and begins his life through various stages of life cycle. It is also the stage where marketing is fully involved with new products and services . This is the last step and is considered the most important and fundamental to any new product and should be handled with care. You should check if advertising and personal selling have actually done and if suitable outlets are arranged for the distribution.