8 steps - 8 steps Nowadays, companies are following stage...

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8 steps Nowadays, companies are following stage process for product development. 1. The 1st stage is idea generation that is the search for new products. Companies pay a particular focus on customer needs and demands to decide on the new product. Idea generation can also be done by studying competitor’s product. Companies try to learn why competitor’s product ticks with consumer or what more customers want from that product. Companies also look at top management for idea generation. For example, Steve Jobs of Apple is known to participate actively in an idea generation. Research groups comprising of scientist, patent holders, colleges and universities also serve as the base for idea generation. 2. The 2nd stage is idea screening . Not all new ideas proposed can be converted into products. Companies list ideas into three categories promising ideas, marginal ideas and rejects. Promising ideas are further process by screening committee to be ready for the next stage. Screening should avoid the error where
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This note was uploaded on 11/26/2011 for the course MARKETING mg 103 taught by Professor - during the Fall '09 term at Montgomery.

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8 steps - 8 steps Nowadays, companies are following stage...

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