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New product development could be broken down into enough steps to fill a large book, but overall, it comes down to our simple steps. Each of these steps is crucial to the development process.

Skipping steps could result in a wasted investment if you release a product that isn't well received by consumers. Make the most of your time and money by taking your time going through each of the below listed steps. The future of your product MAY depend on it.

Step 1 -- Idea Generation

This is ultimately the birth phase of new product development. You may be improving upon an existing product or creating something entirely new. Take the time to flesh out the idea to ensure it's feasible and during this process check to make sure your idea doesn't ...

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A successful product launch isn’t as simple as shipping it out and hoping for the best. The steps you take during a launch are just as vital as the ones you take during the product development phase.

While every business will have some different steps, there are some critical steps that you can’t afford to skip. These are vital to understanding your audience and marketing to them correctly.

Study The Current Market

This involves looking at yourcurrent target audience and your competition. Consider what your audience’s needs are at the moment. Look at what your competitors, both big and small, are doing. The idea is to better understand how your product fits uniquely into a consumer’s needs while still being bet...

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