Step 1.
Analysis of the current
product portfolio.
At this step, we determine the relevance and competitiveness of the company's products in order to determine further actions - to develop the product or to withdraw from the range.
Step 2.
Generation and
selection of new product ideas.
The development of a successful product begins with the generation of ideas and the use of reliable selection criteria to determine the key characteristics of the future product.
Step 3.
Development of
the technical project.
The specification contains all key parameters and product description.
Step 4.
Product development
and testing.
    This stage is one of the key and extensive works. This is a key milestone in the emergence of the product.
Step 5.
    At this stage, the serial release of the new product begins.
Step 6.
Market launch
    One of the main objectives of this stage is to minimize the time interval between the start of production and the first sales. This allows minimizing cash gaps and reducing risks.
Step 7.
Product growth
    Constant growth of the product is a way to keep it relevant and competitive in the market.