This document outlines the stages of new product development including idea generation, screening, concept development, business analysis, product development and evaluation, development and evaluation of marketing mix, test marketing, and commercialization of the product. It also discusses factors related to the cost of production and marketing such as break even analysis, fixed and working capital, capitalization, sources of finance, and cost of capital. Finally, it describes the objectives of a legal feasibility analysis for a project which are to ensure the project is legally viable, facilitate risk management, and avoid major problems in the project's development and implementation.