Business Analysis
• Assessing the potential profitability and financial feasibility of the product.
• Estimating costs, pricing, market size, and potential revenue to determine whether the product is worth pursuing.
Concept Development
• Developing detailed concepts for the selected ideas, outlining features, benefits, and potential target market.
• Conducting surveys, focus groups, and other forms of market research to gather feedback on the concepts.
Product Development
• Creating a prototype or minimum viable product (MVP) that represents the core features and functionality.
• Iteratively developing and refining the product based on user feedback and testing.
Market fit
• Launching the product in a limited market or to a specific audience to gather real-world usage data and validate assumptions.
• Monitoring user behavior and feedback to identify any necessary improvements.
Refinement
• Analyzing the data collected during market testing to make necessary improvements and enhancements to the product.
• Iterating on the design, functionality, and user experience.
Full-scale launch • Rolling out the final version of the product to the broader market.
• Executing marketing, sales, and distribution strategies to maximize visibility and adoption.