New Product Venture - Outline

 

The typical Stages for a new product or service development project are:

Proposal: An idea is first written down as a brief description prior to the 5 Stage-Gate process starting.

Initial Investigation: A quick study of the Proposal, scoping of the project and outline estimate of the benefits, resources and costs needed to complete it.

Detailed Investigation: A detailed investigation and a full investment appraisal culminating in a decision to proceed with product or service development work.

Develop & Test: The actual development and implementation work with internal testing (unit, integration, acceptance and alpha testing).

Trial: A customer or controlled market trial to test all aspects of the development in the target users' or customers' operational and working environment.

Launch & Close: Beginning full roll out e.g. marketing and selling, product/service commissioning - the ongoing operational aspects handed over to the different organisational units (internal and external) and the project formally closed at the end of this stage.

About 3 to 6 months after closure, a check, known as a Post Implementation Review, is done to see if the new venture is achieving its business objectives and performing to the standards specified.

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