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Essay / New Product Development Essay - 722
It is different because it presents the product prototype following the proposed marketing plan. This step is necessary to confirm the concept and should be used to refine all parts of the product and marketing message. It is also a useful step to begin to build “hype” around the product and get people interested. Commercialization – Once the final concept has been developed and tested, final decisions need to be made as to when the product launch must take place. Marketing plans and product costs need to be finalized. This should be discussed with the sales and distribution teams, so that the product is ready for launch. It may be worth considering updating marketing advertisements to keep the product in customers' minds and maintain the "hype" built from the previous step. The eight stages of product development are designed to save time and resources. New product development ideas and prototypes are tested to ensure that the new product will meet customer needs and desires. The commercialization stage is carefully planned to maximize the success of the product. A poor start will affect the sales of the product and could even affect the reputation and image of the new product. Finally, in order to learn from mistakes made, a review of market performance is necessary to achieve success.