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The Seven Steps Of Fering Development Process

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What are the seven steps in the offering development process? What are the key activities in each step? The seven steps in the offering development process are listed by Tanner and Raymond as: 1. Idea Generation: Idea generation is the actual development of ideas that can become products or services. Either competitors, employees, suppliers, or customers can be the generators of these ideas. Idea generation is the first step in the offered get development process and is often the least costly financially speaking. 2. Idea Screening: Idea screwing is when the actually vetting of the idea takes place and the idea is screened for financial feasibility and process feasibility. It is also screened by using concept testing, focus groups, and in depth testing. Included in this step is also the assessment of investment risk, or the amount of money and time lost if the company invests in a new product and it fails, and opportunity risk, or the risk of missing out of alternative ideas that could be more profitable. 3. Feature Specification: Feature specification is when the company must decide on which features to include in the product. 4. Development: The development stage is where the company 's creates specifications of the product, the design, and prototypes. It is also in this stage that the company considers manufacturing constraints. 5. Testing: In the consumer market there are two types of testing: Alpha testing, or testing in a controlled laboratory environment, and

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