8 Steps in New Product Development
Interpreting research data in New Product Development (NPD) is crucial in ensuring that the proper stages can be completed before introducing the new product in the market.
- IDEA CONCEPTS Pooling ideas from different sources like internal, SWOT Analysis, customers, market research, competitor SWOT analysis. STEP 1
- IDEA SCREENING Used to weed through the best and most lucrative ideas and get rid of those that don’t work. Business strengths and weakness, customer needs, trends, and forecasted ROI are all a component. STEP 2
- CONCEPT DEVELOPMENT AND TESTING Preparing a blueprint of an idea and testing it.STEP 3
- BUSINESS STRATEGY AND ANALYSIS AND DEVELOPMENT Determining the branding, marketing, and other strategies that are used to project profitability of both product and market. STEP 4
- PRODUCT DEVELOPMENT Turns a concept into an actual product, like a prototype or limited model. STEP 5
- MARKET TESTING Product prototypes are provided for research and consumer feedback. STEP 6
- COMMERCIALIZATION Marketing strategies need to be ready when the product is ready. Preparing final marketing strategies or bringing in different departments for decision making is important. STEP 7
- INTRODUCTION The beginning stage of the product lifecycle when products are released on the market. STEP 8
