The document outlines an 8-stage process for new product development that includes idea generation, screening ideas for compatibility with company objectives, developing and testing concepts, creating marketing strategies, conducting business analysis and sales projections, developing prototypes, market testing products, and commercialization by introducing the new product into target markets with advertising.

1. STAGES IN
NEW PRODUCT DEVELOPMENT
Product development

2. 8 STAGE PROCESS
Screening after each stage

3. IDEA GENERATION
Finding a new idea worth considering
Stage : 1

4. IDEA SCREENING
Check compatibility of product idea……….
…………..With company objectives, strategy & resources
Stage : 2

5. CONCEPT development & testing
Find a good concept
from the idea
consumers would try
Stage : 3

7. MARKETING
DEVELOPMENT
STRATEGY
cost-effective & affordable
Stage : 4

8. BUSINESS ANALYSIS
Estimating Sales, Cost & Profit Projections
Stage : 5

9. PRODUCT
DEVELOPMENT
Quality Function Prototype (QFP)
Make a working prototype
Stage : 6

10. MARKET TESTING
 Product is sent to markets
 Sales and trials are studied
Stage : 7

11. COMMERCIALIZATION
Introducing new product
Into target markets
& advertising
Stage : 8