Idea Evaluation, Concept Testing and Initial Design Preparation 4.Test market, Initial Run and Prototype Building 5.Commercialization (Product Market Introduction)

As an entrepreneur in the U.S., you will find that you are just not competing with U.S. companies, but also global companies. You might not just be dealing with U.S. customers, but global customers as well. Customers today whether they are domestic or global are more sophisticated making superior performance and value-based pricing a major issue for the entrepreneur in order to be competitive. Product Development Stages The product development cycle consists of a series of tasks leading to the introduction of the product in the marketplace. The typical states of new product development are: 1.Idea Generation and Opportunity Recognition 2.Screening and Concept Investigation 3.Idea Evaluation, Concept Testing and Initial Design Preparation 4.Test market, Initial Run and Prototype Building 5.Commercialization (Product Market Introduction)

The Product Life Cycle

The product life cycle describes the stages a really new product idea goes through from beginning to end. Generally, a product begins its life with its first sales, rises to some peak level of sales, and then declines until its sales volume and contribution to profits are insufficient to justify its presence in the market. These stages are usually referred to as: 1.Market Introduction 2.Market Growth 3.Market Maturity 4.Sales Decline 5.Obsolescence