The Stage-Gate Approach to Developing New Offerings: An Illustration
The stage-gate approach to business-model development can be illustrated with the following example. Consider a food-processing company seeking to introduce a new product that will increase its market presence and fuel its revenue growth. The five stages of developing a new offering can be delineated as shown here.
Idea Generation and Validation
After exploring a number of alternative ideas, the company decides to focus on creating a powder to add to milk to increase its nutritional value and taste. Next, the company must answer several questions: Who will use this product—infants, children, teenagers, young or middle-aged adults, or older adults? What primary benefit should ...
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