look for ideas in any number of places: requests from customers, brainstorms with employees, responses to a competitor’s product, or suggestions on social media. first, you’ll need to research the costs of developing a product or service and the market need. the competitive intelligence tool can help with market and competitor analysis. once you’ve developed a prototype of the product or service, it’s time to test it with customers. this can be done in formal focus groups of customers and prospects, or informally by testing it with existing customers. testing the product or service will yield valuable data from customers, such as which features they like or don’t like, how much they’ll pay for it, and any potential problems. the final stage in new product and service development is rolling it out to the market.
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