Graded Homework

deas for new products can come from employee suggestions rather than research and development. However, research and development is a significant source of product development.

The product development process consists of the following stages:

1. Idea Generation – based upon consumer wants and needs
2. Product Screening – focuses on the most promising product to launch to market
3. Product Analysis – making cost estimates and sales forecasting
4. Development – building prototypes
5. Testing – how will you test the product?
6. Commercialization – promoting the product and developing strong advertising campaigns

YOUR TASK:

In groups of no more than three (3) or four (4), you will complete a five (5) page paperfollowing proper APA formatting that covers the stages of product development. You are not physically developing a product but there needs to be clear evidence in your writing that addresses each stage of the product development process.

This means:

1. You will clearly write and show evidence of how and why you came up with the idea for your product.
2. What type of screening methods will you incorporate and why? How did you come up with your criteria?
3. How did you determine cost estimate and sales forecasting?
4. Describe your prototype
5. What testing did you use and why?
6. How will you promote the product and detail your advertising and sales campaign