![]() A competitive analysis might expose a hole in the company’s product portfolio. Research might identify market and customer trends. A SWOT analysis might suggest strengths in existing products that could be the basis for new products or market opportunities. ![]() Companies use a range of internal and external sources to identify new product ideas. Coming up with ideas is easy, but generating good ideas is another story. Generating new product ideas is a creative task that requires a particular way of thinking. Stage 5: Technical and Marketing Development New-Product Development Process: Phases and Stages Phase I: Generating and Screening Ideas For example, at each stage of the process, the product team is asking, “Is this a viable product concept?” but the answers change as the product is refined and more market perspectives can be added to the evaluation. Many of the activities are performed repeatedly throughout the process, but they become more concrete as the product idea is refined and additional data are gathered. Below, we have divided the process into eight stages, grouped into three phases. There are probably as many varieties of new-product development systems as there are types of companies, but most of them share the same basic steps or stages-they are just executed in different ways. Explain the stages of the new-product development process.
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