Idea Generation
Ideas from:
Customers and users
Marketing research
Competitors
Exhibiton
Other market
Company people
Screening
Strengths and weaknesses
Fit with objectives
Market trends
Rough ROI estimate
Idea Evaluation
Concept testing
Reactions from customers
Rough estimates of costs,sales and profits
Development
R & D
Develop model or service prototype
Test marketing mix
Resive plans as needed
ROI estimate
Commercialization
Finalize product and marketing plan
Start production and marketing”Roll out”in selected markets
Final ROI estimate