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The key stages in Nike's product development process include concept and marketing approval, business analysis, development, and marketing tests. Initially, Nike ensures the product concept aligns with its long-term objectives and conducts an analysis of expected sales and budget outlook. If approved, the product moves to the development stage where Nike's R&D department works on it. After development, Nike conducts marketing tests with a limited number of the final products. If the tests are successful, the product is ready for mass commercialization.
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Once the concept and marketing is approved, Nike conducts business analysis to ensure the product is in line with its long-term objectives. Analysis of expected sales and budget outlook is also conducted here. If a shoe passes this gate, it is finally ready for development and Nike's R&D department goes to work. After development, Nike conducts marketing tests with a limited number of the final products, and if all goes to plan, it's ready for mass commercialization. Most of Nike's time and energy goes into preliminary screening and testing stages to ensure every product is fit for the company and won't be a waste of resources.
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How do you stay innovative and provide the right values for customers? Effective product development allows companies to sustain, grow, and thrive in ...
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