Stages of New Product Development
The following are the different stages of new product development −
Stage 1 − Generation of new product ideas
Stage 2 − Screening and evaluation of ideas
Stage 3 − Development and testing of concept
Stage 4 − Development of advertisement and promotion strategies
Stage 5 − Analysis of business
Stage 6 − Development of product
Stage 7 − Testing product in market
Stage 8 − Commercialization of the productSource: https://www.tutorialspoint.com/marketing_management/marketing_management_product_life_cycle.htm