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Q. Process of development?
Figure shows the process of new product development in the form of a flow chart. As is evident, the process of development starts with the idea generation stage followed by idea screening, concept development and testing to marketing strategy development and finally to product development. Let us look at these processes.
Idea Generation
The process of new product development starts with the search for new ideas. The common sources of new product ideas being:
• Customer expectation
• Estimating market demand through market research
• Competitors
• Research journals and magazines
• Seminars and conferences
• Research and development scientists
• Media
• Top management
Idea generation is a stage characterized by creativity. It not only involves getting the product idea but also the concept development and product image should be hypothesized.
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