1 - Insight and Business Case
Define the Market Need
Every product must resolve a problem or issue as percieved by the target customers or the target customers will not buy it.This stage involves conducting market research, performing a competitor analysis, identifying major obsticles and generating customer insights. A feasibilty report should then be written followed by the Product Design Brief.
Define Product-Creativity and Innovation
Creativity is very much around the process of generating new ideas and coming up with creative solutions to problems. Innovation is the process through which a creative solution is transformed into a fully developed product, service or process. At this stage ideas must be generated in brainstoming sessions and then these ideas must be evaluted against the Design Brief.
Project Finance
Identify and evaluate all project costs and risks accurately from concept through to consumer. When a finance plan is in place the funding source should then be identified and accessed. more info

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