Marketing and selling skill

New product development

New product development is the term used to describe the complete process of bringing a new product or service to market. There are five steps for new products.
1. Idea generation
2. Idea screening
3. Concept testing
4. Marketing strategy development
5. Business analysis
First, we should form a bench of creative person who create product based on observed need. Use brainstorming and think about it. Then get opinion from employees, customers that what are the weaknesses in the existing product, they improve it. After that estimate costs of the product and they should do the market research. Then physically design the product and estimate selling price base on competition. And estimate sales volume based on the size of market. Advertise the product.