Question: help in rewriting this in your own words please Five phases guide the new product development process for small businesses: idea generation, screening, concept development,

help in rewriting this in your own words please

Five phases guide the new product development process for small businesses: idea generation, screening, concept development, product development and commercialization and rollout. Idea Generation, this is the initial stage where a business sources for ideas regarding a new product. Some of the sources for new product ideas include the business customers, competitors, newspapers, journals, employees and suppliers. Screening, the generated ideas have to go through a screening process to filter out the viable ones. The business seeks opinions from workers, customers and other businesses to avoid the pursuit of costly unfeasible ideas.Concept Development, the enterprise undertakes research to find out the potential costs, revenues and profits arising from the product. The business conducts a SWOT analysis to identify the strengths, weakness opportunities and threats existing in the market. Product Development ,entails the actual design and manufacture of the product. Development commences with the manufacture of a prototype that facilitates market testing.Commercialization and Rollout, favorable results in the development stage precede large-scale production and commercialization.

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