mod rewrite of query strings

Question

Say I wanted http://domain.com/product/?id=123 to become http://domain.com/product/foo, how do I do that in .htaccess? I tried something like this, but it didn't work:

RewriteBase /fisher
RewriteCond %{QUERY_STRING} ^id=123$    [NC]
RewriteRule ^/product$  /product/foo    [NC,L,R=301]

Suggestions?

NOTE: I do not need to capture the value of the id parameter as I will not use it in the new URL.

UPDATE 1:

RewriteEngine On
RewriteBase /fisher

RewriteCond %{QUERY_STRING} ^id=123 [NC]
RewriteRule ^product/$  /product/foo    [NC,L,R=301]

1. Showing RewriteEngine and RewriteBase
2. Remove $ in RewriteCond
3. Remove / in RewriteRule

When I go to http://localhost/fisher/product/?id=123, nothing happens. The URL remains the same.