development stage
(noun)
The stage where prototypes are created, and questions of production and marketing are asked.
Examples of development stage in the following topics:
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Development
- Once a potential product has passed the screening and business analysis stages, it goes onto the technical and marketing development stage.
- Technical development involves two steps.
- The first is the applied laboratory research required to develop exact product specifications.
- The second aspect of market development involves consumer testing of the product idea.
- Describe the steps involved in the technical and marketing development stages of new product development
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Stages in the Product Life Cycle
- After all research and development has be done it is time to launch the product and begin its lifecycle.
- At this stage of the life cycle, the company usually loses money on the product.
- In the maturity stage of the product life cycle, sales will reach their peak.
- There is no set schedule for the stages of a product life cycle.
- Firms progress through stages of development, indicated by their changing profits over time.
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Business Analysis
- After the initial screening stage, the number of viable proposals available to progress to the next stage will have decreased significantly.
- However, before the company begins the development of prototypes, there is one more evaluation process that must take place, and this is the business analysis stage.
- In this stage, additional information is gathered on the remaining innovations in order to decide whether the significant costs that development will require are justified .
- As you can expect, it is difficult to anticipate all the costs that will be involved in product development.
- Demonstrate knowledge of the components included in the business analysis stage of product development
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When to Modify Products
- While the decision to modify products happens ideally at the design stage, products can be changed during any phase of the life cycle.
- At the design stage, developers and engineers must assess the importance of various requirements from a wide range sources.
- Stakeholders typically contribute input during product development, demanding something different from the product designer and design process.
- Factors that can influence whether products are modified at the design stage include:
- Product development can take as many as five to six attempts before achieving success in the marketplace.
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Impact of the Product Life Cycle on Marketing Strategy
- The stage of the life cycle of the product affects how it is marketed.
- The stages through which individual products develop over time is called commonly known as the "Product Life Cycle".
- Products typically go through four stages:
- After a period of development, the product is introduced or launched into the market.
- The product is promoted to create awareness and develop a market for the product.
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The Product Life Cycle
- Product development and product life cycles go hand-in-hand.
- It is important that businesses continually develop new products to replace those that are declining.
- For example, consider the product development and life cycle of a video game.
- Often the games take 2 to 4 years to develop.
- However, this stage also offers its share of opportunities.
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Stages of Business Buying
- Understanding the stages of business buying is important to a marketing firm if it is to market its product properly.
- The purchasing process is different in both cases and the following is a list of the stages involved in B2B buying:
- Results become feedback for other stages in future business purchasing decisions
- This 5 step process is mainly used with new-task purchases and several stages are used for modified rebuy and straight rebuy.
- Understanding the stages of business buying and the nature of customers' buying behavior is important to a marketing firm if it is to market its product properly.
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Family
- At first, the influence of parents is significant because of how parents help their children to develop political and religious beliefs, lifestyle choices, and consumer preferences.
- A typical adult starts in the bachelor stage of being young and single and then moves to being part of a married couple without children.
- Then the married couple transition to Full Nest stages, where the family has dependent children living at home.
- Finally, the individual reaches the "solitary survivor" stage of being an older single person.
- Consumer behavior and purchasing is different in each of these stages.
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Buying Situations
- B2B buying situations vary from B2C buying situations, so B2B marketers must develop different capabilities.
- Buyers go though three stages of the buying process, which include:
- Buyers move in and out of each stage.
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Strategy
- Here, the needs, wants and limitations of end users of a product are given a great deal of attention at each stage of the design process.
- Flexible product development is the ability to make changes in the product being developed or in how it is developed, even relatively late in development, without being too disruptive.
- The more innovative a new product is, the more likely it is that the development team will have to make changes during development.
- In a phase–gate model, also referred to as a phase–gate process, the process is divided into stages or phases, separated by gates.
- The phase–gate model may also be known as stage-limited commitment or creeping commitment.