This is just like a science experiment in Chemistry, you can make hypothesis' and generate ideas or a purpose for this new product, or it can happen fairly sporadically. Here is a step by step process according to our text:
1. Idea Generation
2. Screening
3. Concept testing
4. Business analysis
5. Product development
6. Test Marketing
6. Commercialization
This is a much longer process then I realized, with multiple steps that the product can fail at it all starts over. The main idea behind this seven step process is increased testing at different levels, slowly introducing the new product so that the company does not loose a lot of money. These products are originally supported by other lines in large companies, but you don't want to bring down the full company. A company such as Coca-Cola are always introducing new products because they offer such a wide variety of drink products. Different areas are designated text market cities because they exemplify the target market. Their are lists that rank cities based on a variety of characteristics as to why they provide the best consumer test market. What are some characteristics you think make up the best consumer market for a test city or region?
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