Innovation is the creation of better, more effective products, processes, services, or technologies.
New product ideas can generate from existing frustrations using a certain product, or a desire to do something better or more simply.
Product development is idea generation, screening, business analysis, technical development, manufacturing, testing, and commercialization.
Idea screening attempts to eliminate unsound product concepts prior to devoting resources to them.
The focus of the business analysis is primarily on profits, but other considerations such as social responsibilities may also be involved.
The objective of testing is to test all the variabilites in the marketing plan, including elements of the product.
Once a product is ready to take to market, commercialization involves key decisions about distribution, promotion, and pricing.