Chart shows 8 stages. All of them are in sequence with arrows connecting a stage to the next. The stages are:

  1. Idea generation

  2. Idea screening

  3. Concept development and testing

  4. Marketing strategy development

  5. Business analysis

  6. Product development

  7. Test marketing

  8. Commercialization

A note tagged to "Idea generation" reads "New product development starts with good new product ideas-lots of them. For example, Cisco's I-Prize crowdsourcing challenge attracted 824 ideas from 2,900 innovators representing more than 156 countries."

Another note tagged to the chart reads "The remaining steps reduce the number of ideas and develop only the best ones into profitable products. Of the 824 ideas from Cisco's I-Prize challenge, only a handful are being developed."

Get Principles of Marketing, 17/e now with the O’Reilly learning platform.

O’Reilly members experience books, live events, courses curated by job role, and more from O’Reilly and nearly 200 top publishers.

Start your free trial