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product development is that of a highly dispersed process that capitalizes on the skills and insights of people and organizations spread throughout the entire world. However, the benefits of dispersion come at a cost.
The stages or process or steps involved in a new-product development are depicted in the image given below. Click on it to get a zoomed preview. Image credits Â© Moon Rodriguez. The eight stages or process or steps involved in the development of a new product are listed and also hyper-linked as follows: 1  Idea generation. 2  Idea screening. 3  Concept testing. 4  Business analysis. 5  Product development. 6  Test marketing. 7  Commercialization.