New Product Development Process - The Last 3 Steps -The 7 Step Process To Create a New Product

The video tutorial covers the stages of product development, focusing on prototyping, MVP, market testing, and commercialization. It explains the iterative nature of prototyping, the importance of creating a minimum viable product (MVP) to gather early feedback, and the methods for creating prototypes. The tutorial also discusses market testing to assess product performance and customer response, and the final steps of commercialization and launching, emphasizing the need for a strategic marketing plan and timing.

Discuss the importance of market testing before product launch.

What strategies can be employed to gather effective feedback from potential customers?

How does the timing of a product launch affect its success?

What are the potential consequences of not adequately preparing for a product launch?