What are the steps in the product development process?

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literaturenerd | High School Teacher | (Level 2) Educator Emeritus

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There are typically seven steps to new product development.

1. Brainstorming

Here, the person or people involved with the desire to create a new product brainstorm about gaps in the products in the market. This brainstorming can also be used to come up with ideas where no product currently exists.

2. Evaluate the Ideas

Here, the team (or individual) looks at each of the products named during brainstorming. They look at each product regarding its potential.

3. Evaluation of the Product's Market

Here, the team evaluates the determined product they wish to move forward with in regards to the market it will be placed within. Evaluation depends upon market feedback.

4. Analysis

Here, the team analyzes the product in regards to cost (all avenues-the product, packaging, and potential profit) and marketability: can it be produced and does it work as projected?

5. Creation of a Prototype and Initial Marketing

Here, the team will create a prototype of the product and allow the product to be tested by chosen testers. Tester reactions will either push the product forward or force the team to rethink the product (completely or in parts).

6. Testing in the Market

Here, the product (altered if need from initial testing) is tested publicly (in a small market). The results of sales are examined for profit and consumer desire/need.

7. Launch Product

Here, the team will launch the official product (deemed so by steps 5 and 6) to the markets where the product will do best. Advertisement of the product takes place in this step, along with seeking out both consumers and companies to sell the product.


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