Beta tests Testing the product with customers in field trials. An attempt to sell the product to a limited market area or customers to gauge product acceptance in a real market context. A limited trial, or batch production run, designed to improve production facilities. A final business and financial analysis prior to launch. Production ramp up Full-scale production.
Market launch The implementation of a comprehensive marketing plan.
Often the exact product development process needs to be matched to the type of product and the speed at which a marketing window of opportunity is closing as illustrated in Figure 5.1 below 5 . Although there is no way to guarantee the success of a new product, companies that emphasize planning, organization, and cooperation among various business functions usually have the lowest rates of failure. Finding new ways to speed up the product development process also usually enhances chances of success. An increasingly popular way to organize is to use a venture team , a cross-functional team responsible for all the steps in the development of a product. The product bundle includes those attributes of a product offered by the company to the consumer.