Business Studies, asked by Denniskhiangte2303, 1 year ago

What is the first stage of the new product development process?

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Answered by aman14051986
0

The first stage pf the new product development process is initiation of an idea.

New product development means the procedure of introducing a new product in the market. It involves analyzing the product idea, checking the financial and technical feasibility of the product, then creating the prototype of the product and finally launching it in the market.

The following are the steps of the development process of a new product:

  • Initiation of an idea: this is the first step in the product development. It involves brainstorming an idea or ideas to find an appropriate solution to the problem of the customer.
  • Research: once the idea is finalized, this step involves conducting market analysis surveys, and customer surveys to get the feedback on the idea and to check whether the product will fit in the market.
  • Plan: the next step is to create a product definition or product plan to in order to list  out the product requirement i.e. the physical and the technical requirements of the product.
  • Prototype creation: after the plan execution, the next step is the development of the sample product to test the practical possibility of the product.
  • Testing: before launching the product, the prototype of the product is tested to check whether it is able to efficiently resolve the issues of the customers.
  • Development: after the product has passed the testing stage, we move to the final product development stage. The manufacturing of the final product takes place at this step.
  • Marketing: the final step is commercializing the product by launching it in the market.

Hence, the first stage of the new product development process is Initiation of an idea.

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