The first step is to define the product and how it will help consumers. I think you can take it from there.
http://wiki.answers.com/Q/What_are_the_seven_phases_of_new_product_development
: You are working in the product development department of a company that creates household products. Your team has come up with an idea for a revolutionary new cleaning product. Using the seven phases of new product development as a guide, describe how your company will develop the new product.
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