![]() ![]() The market strategy phase, or where to play, how to win, is an important one in developing a new product. It focuses on refining customer needs, adding value for customers, and identifying areas where further research would be necessary. It’s just screening, it’s not the final decision yet.Ĭoncept development is a product advancement process that involves conceptualizing, defining, and exploring the various aspects of a product. Let’s start with a definition: “Idea screening is a process used to evaluate whether an individual business idea has the potential for success”. The idea screening phase of product innovation is the stage when an idea and its market potential is analyzed. During this phase, you develop business needs and identify potential opportunities for your business. The 7 stages of new product development process
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