product

• Generate the idea

  Research and development departments try to innovate and design products that are new or better than existing ones
• analyse the idea 


  deciding whether the product can be made and analysing the businesses resources
• prototypes and testing

  prototypes are made and then undergo testing to ensure the products is safe , reliable and fit for use .
• test the product


  Get the consumers to try it and ask them what they think

  Test the product on small parts of the market
• alter the product


  make changes based on the feedback from testing products and making sure it’s the best it can possibly be
• produce the product


  the product is put into production , and a marketing and advertising campaign is launched to introduce the product to customers
• Product Life cycle

  1. Introduction - product launched into market
  2. Growth - sales and profit begin to rise
  3. Maturity - sales and profit are at peak
  4. Decline - sales and profits begin to decline
  5. Extension - release a new and better version of the product