Marketing consultancy in Sydney explain the different stages of new product development
Our marketing consultancy in Sydney identify products as things that can be both tangible, such as a commodity like coffee, or intangible such as a service like a haircut. In regard to new products, the development of a new product has eight stages. Our marketing consultants for small business in Sydney have listed these stages below as well as the other main areas relevant to new product development.
The eight stages that are associated with new product development include:
- Idea generation
- Concept evaluation
- Marketing strategy
- Business analysis (product’s effect on costs, sales and profits)
- Product development
- Test marketing
Also relevant to our marketing consultants in Sydney is the product adoption process. This process describes the stages in which a potential customer first becomes aware of the new product, then deciding to buy the product. In this process the consumer who accepts a new product engages in five stages: awareness, interest, evaluation, trial and adoption. What also plays a large part in the process of a customer buying a product is both the popularity and reputation of the brand, as well as the analysis of how the product differs from similar products in relation to style, quality and features.
For more information regarding the different stages of new product development, please contact our marketing consultancy in Sydney.