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PRODUCT DEVELOPMENT
PROCESS
&
PRODUCT LIFE CYCLE
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Product Development
Process
1stStep: IDEA GENERATION
To systematically search for new product ideas.
The process of creating, developing, and
communicating ideas which are abstract, concrete, or
visual. The process includes the process of
constructing through the idea, innovating the concept,
developing the process, and bringing the concept toreality.
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Product Development
Process
2ndStep: IDEA SCREENING
Good ideas are pinpointed while poor ones are
dropped as soon as possible.
A process used to evaluate innovativeproductideas,
strategies and marketingtrends. Idea screening
criteria are used to determine compatibility with
overall businessobjectives and whether the ideawould offer a viablereturn on investment. Whatever
does not meet these criteria is typically discarded.
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Product Development
Process
3rdStep: CONCEPT DEVELOPMENT
AND TESTING
The surviving ideas should next be developed
into product concept.
Product Idea - is an idea for possible product
that the company can see itself offering to the
market.
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Product Concept is a detailedversion of the idea stated inmeaningful consumer terms.
Product Image is the way theconsumers picture an actual orpotential product.
Concept Testing new product aretried with the group of targetconsumers.
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Product Development
Process
4thStep: MARKETING STRATEGY
DEVELOPMENT
Involves designing an initial marketing
Strategy for introducing the product into the
market.
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Product Development
Process
3 Stages in Marketing Strategy Development
1st Stage: Describing the target market, the
planned production, positioning, sales, market
share and profit goals for the first few years.
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2ndStage: Outlining the products planned price,
distribution and marketing budget.
3rd Stage: Describing the plan, the long run sales
and profit.
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Product Development
Process
5thStep: BUSINESS ANALYSIS
Involves a review of sales, cost, and profit
projections to find out whether they satisfy the
companys objective.
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Product Development
Process
6thStep: PRODUCT DEVELOPMENT
The research and development or engineeringdepartment develops the product concept into
physical product.
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Product Development
Process
7thStep: TEST MARKETING
Stage where the product itself and marketingprogram are tested in more realistic and
marketing setting.
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Product Development
Process
8thStep: COMMERCIALIZATION
Introducing and marketing the product.
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Product Life Cycle
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Product Life Cycle
Introduction Stage
The period of slow sales growth asthe product is being introduce in themarket.
Growth Stage
Rapid market acceptance andincreasing profit.
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Product Life Cycle
Maturity Stage
The period of slowdown in salesgrowth because the product hasachieved acceptance by most of thepotential buyers.
Decline Stage
The period when sales fall off quicklyand profit drops.
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Product Innovation
The development of new products, changes in
design of established products, or use of new
materials or components in the manufacture of
established products.
2 Category of Product Innovation
Development of New Product
Improvement of existing product.
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Example of Product Innovation
In Existing Product
PLDT COMPANY
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Scooter Bike (Electronic)
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Jollibee Ice Cream
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Fi i l R t
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65%
Sale
Year/Time
Financial Report
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