Generation of ideas – The search for ideas is the starting point in the development of any product. It is convenient to have the collaboration of company personnel.
idea detection- The generated ideas must pass through a selection process to filter those that are viable. Businesses seek the opinions of workers, customers and other businesses to avoid the pursuit of expensive and unrealizable ideasproject planning – the marketing and finance departments are responsible for evaluating the potential of marketing, advertising and production costs, sales prices and returns of the expected investment for each alternative.product development- The development of the product implies the actual design and manufacture of the same. The development begins with the creation of a prototype that facilitates market testing.
Based on the results of the tests, the business owners decide to carry out large-scale production or not.Market test- This is a small-scale launch to know the acceptance of said product and the reaction of the market to it. The objective is none other than to gather relevant information before its final launch.marketing – This is the stage in which plans for manufacturing at full capacity must be refined and prepared and for marketing the budgets for the project must be prepared. The marketing phase is streamlined when consumers quickly accept the product