Kindly see attached file :)

STEPS INVOLVED IN THE NEW PRODUCT DEVELOPMENT
The steps involved in the development of a new product can be summarized as:
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Identification of the need. During this step, we must identify a need for which we will
develop and offer our product. This step is therefore important, as the need will
determine if there will be customers interested in the product we are offering or not,
since customers will be more prompt to purchase a product that they need than one
that they don’t need.
Brainstorming process. During this step, we must think of the different type of
products that we can offer the customer to cover the identified need. Since we should
be open to any kind of idea of the new product at this stage, it is generally interesting
to confront the ideas with other people in the company to profit from different points
of view. Generally, the broader the scope of the ideas generated during the
brainstorming process the higher the chance that the product will satisfy as many
needs as possible.
Evaluation of the different ideas that we had come up to in the previous step. During
this step, we will evaluate the different ideas considering both practical and financial
aspects. In this regard, it is important to analyze if we have the required technical skills
to manufacture the product as we have imagined it, which would be the best idea to
manufacture it and which would be the best type of product to match the identified
need of customers in step one. Additionally, we need to consider the cost of
performing each of the ideas to sel...