Generate ideas for new and modified products: for example, from customer feedback, employee suggestions and technical developments. 2 Assess how these ideas fit with your strategy, market position and skills; confirm that you have the resources to devote to development. 3 Research the market, assessing customer requirements and sales potential; identify key risks and plan your marketing strategy. 4 Research the competition and potential competition; learn from competitors’ successes and failures. 5 Form a project team covering all the key skills (eg marketing, design, production, purchasing and finance) and led by a product champion. 6 Plan the critical path, identifying which activities must be undertaken first and which can happen in parallel. 7 Set budgets, objectives and timescales; regularly assess progress during the product development project and, if necessary, modify plans. 8 Assess other risks to the project such as technical hurdles and whether your intellectual property can be protected. 9 Define the basic product specification and translate specific features into product requirements; identify your key selling points. 10 Estimate the likely selling price and set target production costs; assess likely actual costs of development and production, allowing for contingencies.