In the article, "Five Phases of the New Product Development" by Daphne Adams, the five phases of the new product development are explained. Product development is a large, long process that is preformed by both small and large businesses. The first stage is "Idea Generation". This is the first stage in the process where a business "sources for ideas" regarding a new product. They research different things such as their potential group of customers, where they can advertise, etc. Performing all this research lays a nice foundation to build on for their new and improving product. Next comes the "Screening" stage where the brainstormed ideas are "screened" and looked at thoroughly by multiple other people. Ideas are streamed to co-workers and customers, as well as other businesses for input. At the end of this stage, usually a few ideas are kept from the large amount from produced in the beginning. Third, is the stage of "Concept Development". Here, the company conducts more research on the product such as cost of supplies, etc. Also, the business conducts a "SWOT" analysis. This recognizes the strengths, weaknesses, and possible threats of the product if it went into the market. Lastly, is the "Product Development and Commercialization" phase, which is basically two stages. During this time, the company starts to take action and manufacture the product. Prototypes and test-copies of the item are made. Then, the actual-size large products are made and are ready to be launched in the market. Campaigns and Advertising are conducted to get the name out there and they prepare for introducing it to the world.
No comments:
Post a Comment