What are the phases of the product development process and what takes place in each?

What will be an ideal response?

Answer: The five phases in the development of a new product or service are concept development, planning, design and development, commercial preparation, and launch. The first phase, concept development, is where the company identifies ideas for new or revised products and services. The second phase, the planning phase, is where the company begins to address the feasibility of a product or service. During the design and development phase the company starts to invest heavily in the development effort and builds and evaluates prototypes. The fourth phase is commercial preparation and consists of ramping up activities associated with the introduction of a new product or service. At this stage, firms start to invest heavily in the operations and supply chain resources needed to support the new product or service. The fifth and final phase of product development is the launch phase. For physical products, this usually means filling up the supply chain with products. For services, it can mean making the service broadly available to the target marketplace.