Question

What does it mean to define a new product or uniqueness of a product from an entrepreneurs perspective . Briefly explain the 5 major stages of product development Support your answer with examples.

Answer 1

Answer: New product means that new goods and services produced which is significantly differ from the earlier product or services . From a business perspective , uniqueness of the product means that the firm is able to generate a product which has been applied after adopting new technology which the others do not use logical manner. New knowledge has been applied for the development of the new product in the market place.

There are five steps of product development as follows:

• Idea generation : It is an initial stage where the product idea has been generated. Some of sources for new product ideas such as business, customer and competitors , newspaper , employees and suppliers. This stage is crucial as it is foundation of other stages. Example : Feedback of customers and market survey.
• Screening: Generation ideas have to go through a screening process to filter out the viable ones.The business seeks Opinion from workers, customers and other businesses man to avoid unfeasible problem.At the end of screening, only few feasible ideas has been left. Example: As all ideas that has been generated provided feasible and logical result in logical manner.
• Concept development : Firm should analysis the potential cost, revenue and profit of the firm in logical manner. The business conducts a SWOT analysis to identify strength, weakness opportunity and threat existing I the market place.
• Product development : It entails the actual development of the product taken place.Developent commences with the manufacturer prototype the facilities market testing in logical form. Example : Decelopment of new product with advanced technology.
• Commercialization and roll out : Favourable result in the development stage precede large scale production and commercialization .Here the business launches its promotion campaign for a new product in logical and systematic manner.Example :Packing wheat product into small and unique packet creating development of the product.

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