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Figure 3: Stages of Concept Development The process of product development follows the following stages
1.
Identify customer needs: Using survey forms,
interviews, researches,
focus group discussions, and observations, an entrepreneur can easily identify customers needs and wants. In this stage, the information that can be possibly gathered are product specifications (performance, taste, size, color, shape, lifespan of the product, etc. This stage is very important because it would determine the product to be produced or provided.
2.
Establish target specifications: Based on customers' needs and reviews of competitive products, you can now establish target specifications of the prospective new product and/or services. A target specification is essentially a wish-list.
3.
Analyze competitive products: It is imperative to analyze existing competitive products to provide important information in establishing product or service specifications. Other products may exhibit successful design attributes that should be emulated or improved upon in the new product or service.
4.
Generate product concepts:
After having gone through
with the previous processes, you may now develop a number of product
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