Coming up with new offerings to the market requires a straightforward approach t

Coming up with new offerings to the market requires a straightforward approach that many companies opt to use. In terms of marketing, the process followed usually is very clear. Organizations begin by deciding the strategy they are supposed to follow, then look at the necessary segment and the customers. The products can either be completely new offerings or evolutions of the existing ones. With every year going on, there is a rising number of new product offerings. The reason behind this is that consumers’ taste is rising at a high rate. Therefore, companies need to be able to churn out new offerings to meet the consumer’s demands. This is critical since it increases the profits of companies. Today is different from the past decades, and companies are faced with many threats apart from the competition. The rising needs of consumers and short life cycles of products are becoming hazardous. Therefore, new products are in constant demand and the rate at which failure rates are alarming. There is a quick failure of 19 out of 20 products in the USA that get launched. Therefore, there is a need to be careful in each step in the development process.
Your task is to pick a new product/service in the market or an evolution of the existing one and conduct an 8-stages of developing a new product analysis as follows:
Analysis of the stages
1. Idea generation
-Needs of customers and their demands are what guide companies on what ideas to invest in
2. Idea screening
-All ideas cannot become products, and the promising ones are supposed to be considered.
3. Development of product
-The screening process is repeated to come up with the best idea
4. Marketing strategy
-This involves market size evaluation, product demand, and estimate of revenue.
5. Business model
-This stage involves estimation of the new product’s economic feasibility
6. Manufacturing
-This involves selecting the appropriate prototype to design the product
7. Branding
-Once the product is manufactured, then the team of marketing gets to work
8. Product launch
-This refers to the commercialization phase, which is the last step.
Do research on your chosen product/service and apply the 8-stages analysis in your report. The report should be 8-10 pages (exclusive of the Cover Page, Index, and Appendix).