Idea with strengths and weaknesses
Please correct for proper APA citation. The reference below is for the whole book.
Before the new product was put into production it should have gone through a new product development process which is accomplished in five steps. The steps are stated in our text. McCarthy, E. J., Perreault, W. D., & McCarthy, J. P. (2014) stated: “(1) Idea generation which includes ideas from customers and users, marketing research, competitors, and other markets. (2) The screening process involves evaluating the new idea with strengths and weaknesses, fit with objectives, marketing trends, and rough ROI estimate. (3) Idea evaluation which involves getting more reaction from customers, even though at this stage an actual product has yet to be developed. This stage eliminates future expenses if the product does not meet the needs and wants of the customer. (4) Development ensures ideas that survived the screening an idea evaluation steps get further investment of time and money. Usually this involves more research and development. (5) Commercialization is the final step of this process and if the products survive this far it can finally be placed on the market” (pp. 240-243).
Reference
McCarthy, E. J., Perreault, W. D., & McCarthy, J. P. (2014). Basic marketing: A Marketing Strategy Planning Approach (19th ed.). New York, NY: McGraw-Hill/Irwin.
