Product Development & Planning. After we have:. Come up with a conceptual product idea. Profiled our target market (“customer”). Performed a SWOT analysis (“competition”). It is time to move on to the 4 P’s in our marketing plan……. Let’s look at our 1 st “P”............... .
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It is time to move on to the 4 P’s in our marketing plan……
“new” products are created as the result of an idea or perceived “gap” in the current world
“Why don’t I create and sell that product?”
This research will focus on answering:
When a “new” product idea is created, the “new” idea or product is either an “invention” or “innovation”
2. Idea Screening
As a result, “new” products are being continually created as the result of new ideas