Dormentor Inc. produces, converts, and markets packaging products including boxboard, container board, and numerous other specialty packaging products. In an attempt to increase its organic growth, the company decides to introduce new products. It asks the managers and employees to send in ideas for new products. Before launching products based on any of these ideas, what are the stages that the company has to go through?
Answer: The following are the steps that Dormentor has to go through before launching:
1. It must screen the ideas that are obtained.
2. The ideas that pass the screening should be concept tested.
3. After concept testing a few are screened out and the remaining should be placed for product development.
4. After developing the product, product has to be test marketed. Ideas that are successfully test marketed can be launched.