| Nature | Objective | Persons/Department Involved |
| Opportunity Identification | This is the most difficult to express or define for the reason that this step requires a thorough evaluation of data derived from the market. | The Research and Development department (R&D) |
| Concept Generation | This problem-solving activity has evolved to a high level of sophistication. Generally, “concept generation” is used to design a certain product based on the identified opportunities. | The Research and Development department (R&D) |
| Concept Evaluation | Before new ideas can be developed, they must be reviewed, filtered, and sorted out. | The Research and Development department (R&D); The Top Management; The Marketing Department |
| Development | It is also the stage at which the marketing strategy is sketched out and subsequently filled out. | The Research and Development department (R&D); and the Marketing Department |
| Product Commercialization | This particular stage is the Phase wherein the product and the marketing plan dance together to capture the market. | The Marketing Department |