Market research: This step involves gathering information about the target market, including consumer needs, preferences, and buying habits. This can be done through surveys, focus groups, and other methods. The goal is to understand the market and identify opportunities for the new product.

Product development: Based on the insights gained from market research, the product is developed to meet the needs and preferences of the target market. This includes decisions about packaging, formulation, and branding.

Branding and positioning: A brand name, packaging, and messaging are created for the product. The branding and messaging should be designed to appeal to the target market and differentiate the product from competitors.

Marketing and advertising: A marketing and advertising campaign is developed to promote the product and generate interest among the target market. This can include TV and print ads, social media campaigns, and other tactics.

Price and promotion: A price is set for the product, and promotions are developed to encourage sales. This may include coupons, discounts, or other incentives.

Sales forecasting and tracking: The company establishes sales projections for the product, and tracks sales data to make adjustments to the marketing strategy as needed.