What is market environment?

The collection of non-

marketing influences that have
an impact on a marketing
manager's success in forming and
keeping favorable relationships with
desirable customers.
Concept development is very critical
phase in the development of a
product. From this stage, the needs of
the target market are identified and
competitive products are reviewed
before the product specifications are
defined.
 In this stage, the information that
can be possibly gathered here are
product specifications
Based on customers' needs and
reviews of competitive products, you
may now establish target
specifications of the prospective new
product and/or services.
Itis imperative to analyze existing
competitive products to provide
important information in establishing
product/services specifications.
a number of product concepts to
illustrate what types of product/service
are both technically feasible and will
best meet the requirements of the
target specifications.
the process of evaluation between
attributes, a final concept is selected.
In this stage, product/service
specifications are refined on the basis
of input from the foregoing activities.
the process of product development, it
is very important to always review and
estimate the economic implications
regarding development expenses,
manufacturing costs, and selling price
of the product/services to be
offered/provided.
a detailed development plan which
includes a list of activities, the
necessary resources and expenses,
and a development schedule with
milestones for tracking progress.