Product Development Example: Electric Car
Stage 1: Brainstorming and ideation – Company brainstorms the idea of an electric vehicle, which would save money on fuel and help the environment.
Stage 2: Research and idea screening – Team performs a proof-of-concept check to verify that the electric car is feasible. Team consults with engineering and marketing to determine technical aspects, cost of production, and resources. Team also conducts competitive research to determine if there are other electric vehicles currently on the market.
Stage 3: Concept and development – Team develops a concept that is centered around a reasonably priced 4-passenger electric car. The target consumers are families.
Stage 4: Prototyping and evaluation – Prior to finalizing the design, various prototypes of the electric car are developed and refined via alpha and beta testing.
Stage 5: Commercialization – The new electric car is introduced to market.