Product Planning and Development Process
Once ideas emerge and are analyzed through the opportunity analysis plan, they will need further development and refinement. This refining process—the product planning and development process—is divided into five major stages: idea stage, concept stage, product development stage, test marketing stage, and commercialization. These stages result in the start of the product life cycle (see Figure 4.1).
FIGURE 4.1 The Product Planning and Development Process
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