1. Idea Generation:

Role: This is the inception phase, where ideas for new products are brainstormed, often influenced by market trends, customer needs, and technological advancements.

Outcome: A pool of potential product ideas that could address specific market gaps or fulfil customer requirements.

2. Idea Screening:

Role:

Ideas generated in the previous stage are evaluated against various criteria to determine their feasibility, market potential, and alignment with the organization's goals.

Outcome:

A refined list of ideas that show promise and align with the company's strategic objectives.

3. Concept Development and Testing:

Role:

The selected ideas are transformed into concepts. These concepts are presented to potential users to gather feedback and gauge their interest.

Outcome:

A clear understanding of the user's preferences helps refine the concept based on early user feedback.

4. Business Analysis:

Role:

A comprehensive analysis of the potential product's financial viability, cost projections, revenue expectations, and market positioning is conducted.

Outcome:

Decision-makers clearly see the potential return on investment and whether the product aligns with the organization's financial goals.

5. Product Development:

Role:

The chosen concept is developed into a tangible product. This involves designing, engineering, prototyping, and testing.

Outcome:

A functional prototype or initial product version that can undergo testing and refinement.

6. Market Testing:

Role:

The product is introduced to a limited target market segment to assess its acceptance, usage patterns, and potential issues.

Outcome:

Feedback from the market test guides further improvements and adjustments to ensure the product meets customer expectations.

7. Commercialisation:

Role:

The product is launched into the market, accompanied by marketing, sales, and distribution strategies.

Outcome:

The product's official entry into the market, making it available for purchase by customers.

8. Post-Launch Evaluation:

Role:

After the launch, the product's performance is closely monitored. This involves gathering feedback, analysing sales data, and assessing customer satisfaction.

Outcome:

A clear understanding of how well the product is performing, whether it's meeting its targets, and what areas need improvement.

9. Continuous Improvement:

Role:

Based on post-launch evaluation, iterative improvements are made to enhance the product's features, usability, and overall performance.

Outcome:

The product evolves, addressing issues, adding new features, and staying relevant in a dynamic market.

Each stage in the product development cycle contributes to the product's overall success. It's a structured and systematic approach that ensures customers' needs are met by the product, aligns with the organization's strategic goals, and maximizes its potential for profitability.