Stage 2 – Build the Business Case
Detailed investigation involving primary research – both market and technical – leading to a Business Case, including product and project definition, project justification, and the proposed plan for development.
Stage 3 – Development
The actual detailed design and development of the new product and the design of the operations or production process required for eventual full scale production.
Stage 4 – Testing and Validation
Tests or trials in the marketplace, lab, and plant to verify and validate the proposed new product, brand/marketing plan and production/operations.
Stage 5 – Launch
Commercialization – beginning of full-scale operations or production, marketing, and selling.