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The product planning and development process

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Ideally, products that generate a maximum dollar profit with a minimum amount of risk should be developed and marketed. However, it is very difficult for planners to implement this idea. What is the product planning and development process?

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Solution Summary

This is a discussion of the product planning and development process in marketing.

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1. Idea Generation ~ every product starts as an idea. But all new product ideas do not have equal merit or potential for economic or commercial success. Some estimates indicate that as many as 60 or 70 ideas are necessary to yield one successful product. This is an average figure, but it serves to illustrate the fact that new product ideas have a high mortality rate. In terms of money, almost three-fourths of all ...

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