MANAGEMENT

Detailed explanation-1: -Idea Generation: The first stage in the product development process is idea generation. In this stage, the company comes up with many different and unique ideas based on both internal and external sources.

Detailed explanation-2: -1. Idea generation (Ideation) The initial stage of the product development process begins by generating new product ideas. This is the product innovation stage, where you brainstorm product concepts based on customer needs, concept testing, and market research.

Detailed explanation-3: -New product development is the process of bringing an original product idea to market. Although it differs by industry, it can essentially be broken down into six stages: ideation, research, planning, prototyping, sourcing, and costing.

Detailed explanation-4: -Although the product development process differs by industry, it can essentially be broken down into seven stages: ideation, research, planning, prototyping, sourcing, costing, and commercialization. Use the following development framework to bring your own product idea to market.

Detailed explanation-5: -Five phases guide the new product development process for small businesses: idea generation, screening, concept development, product development and, finally, commercialization.