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Business Studies IGCSEPDF 108
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4. Prototype
Development
6. Full Launch
5. Test Launch
2. Idea Selection
1. Idea Generation
3. Feasibility Study
Examples:
● Amobile app launching a beta version before global release.
● Acar manufacturer testing new models in selected cities.
● Creates a Unique Selling Point (USP) and brand differentiation.
● Enables higher prices through innovation (price skimming).
● Spreads risk — multiple products reduce dependence on one.
● Boosts sales, revenue, and profit potential.
Introduce the product across the wider market.
Brainstorm ideas from customer feedback, competitors,
employees, and R&D departments.
Release the product in a small market segment to gather
feedback.
Filter and reject unfeasible ideas based on cost, demand, or
practicality.
Analyze sales forecasts, costs, and profitability (cost–benefit
analysis).
Create and test a prototype to identify production challenges.
Advantages of New Product Development