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Most firms have ongoing strategies covering product innovation.
- Product Innovation Charter (PIC).
- Phase 2: Concept Generation
- Product concepts – creating new product ideas.
- Phase 3: Concept/Project Evaluation
- Concept test – to see what the potential consumers thought about the new product.
- Project evaluation – capitalizing on the idea, no longer just evaluation the idea.
- Quality Function Deployment – method of project management and control. Also called Product Protocol.
- Phase 4 – Development
- Marketing plan is sketched in this stage.
- Resource preparation is the first step in this stage...
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