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There are typically seven steps to new product development.
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.
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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