Product planning and developing

Product planning and developing

The is chapter has a great analysis of implementing the product planning and developing process The four stages in the process serve as a mechanism to cover all parameters when innovating a new product or service. If followed, an individual will know between the idea and concept stage if the product/service will be successful. For example I am in the process of opening a juice bar in my area. Right now I am developing the idea, based upon my research of similar shops around me, in order to see the need and differ my products from my competition. Then I will develop the concept with providing different types of juices and smoothies (coming up with the names and ingredients for each). Then I will make sample products for evaluation and testing the market. Using the Product planning and development process, provide an example of developing a new product/service.

*this question requires 100 words*

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New Product Development

Introduction

New product development refers to the process of designing to create, test and considers the new products’ viability in the market to ensure the survival and growth of the company in the dynamic business environment(Snow, Fjeldstad, Lettl, and Miles, 2011).

Stages of the New Product Development

Generation of the Idea

Generation of idea is systematic and continuous search for the new………………………….

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