New Product Development Is An 8 Step Process

I. Concept Stage - Client Representative or CEO meets with Product Manager to describe big picture the goals for end product for spec generation.

The creative process includes brainstorming sessions where the team is asked to create a list of everything that could go wrong. All ideas are welcome at this stage with the evaluation of the ideas coming later.

Chocoberry must come up with a concept based on what is available in the company. Ideas like the ones that do not bring in new materials in the company since the new products would only require the already existing raw materials. This is done when the ideas in the brainstorming meeting and they can see the easiness of the ideas that is discussed and agreed

Create – During this step you implement your plan and create or build your design. Also during this step, we test and try our

When the creative ideas come flowing in, the next step is to create gates that allow purposeful review of those ideas, so that budgets for new projects can be allocated correctly. This works for every business because an idea can be great but not for the moment. SO the idea can be stored in a place that it can be used whenever a meeting comes up.

Idea Selection - The joined procedure of lessening every one of the thoughts into practical arrangements

2. According to the concept of innovation funnel, the number of successful products launched will be greater than the number of raw ideas generated.

In order for good ideas to form, they need to go through an incubation process that Steven Johnson had touched on this though his book, Where Good Ideas Come From: The Natural History of Innovation. The basics of this process is that first the idea needs to be provoked, go through liquid networks so that new connections or thoughts can be added, and then, they form into slow hunches. Here is where the ideas get to marinate and absorb knowledge until the “light-bulb” clicks on, and just like that a fantastic idea is born. There is no time limit on this process; it can take up to years!

     Our assignment is to create and promote an innovative product. In developing a new product, we started with an idea generation. This is a systematic search for new-product ideas. Companies go through many ideas before they come to find some good ones. We had to do the same thing. We thought of many ideas on our own. It was more of an internal idea source as opposed to going outside of our partnership for ideas. Our first idea was a restaurant with half of it an actual restaurant and the other half an automobile tuner shop. The next idea was a new energy drink that would be less costly and better tasting. Our next idea came up when we were sitting

Generating idea is the entrepreneur’s first step to realizing a favorable opportunity where an idea must interact with other components to create an opportunity, but many ideas need to be assessed till the right one is

The second stage is selection. It is well known fact that innovation is risky. In order not to fail, firm has to thoroughly assess the opportunities, so innovation will be held within the frame of company’s technological and marketing competences and will be coherent with overall business strategy (Tidd, J., Bessant, J., 2009). There are three components in this phase. The first component comes from previous stage and implies the analysis of opportunities, both marketing and technological, procurable for the firm. The second component includes the distinctive features company possesses, which are knowledge base, employees, equipment and experience (Prahalad, C., Hamel, G., 1990). The third component is suitability to the overall business strategy. This implies the fact that proposed innovation should be beneficial for firm’s performance, in other words, be in company’s competence base, otherwise it could lead to the failure (Cooper, R., 2000).

In the beginning lectures, I had no idea that brainstorming and conceptualizing an idea was part of an elaborate process to generate good product ideas. Great inspiration and a creative idea require deep thinking. I have learned that opportunity identification involves looking into the problems first rather than diving

1. Idea Generation: Idea generation is the actual development of ideas that can become products or services. Either competitors, employees, suppliers, or customers can be the generators of these ideas. Idea generation is the first step in the offered get development process and is often the least costly financially speaking.

“Product development is the process of designing, creating and marketing new products or services to benefit the customers”. Product development comprises of all the processes, which leads the formation of a product starting from the Initial idea to the sale of the final product. It is the key tool to keep the companies in competition with the competitor products and to keep up with the changes and trends in the market. Product development comes into play when a firm wants to develop a new product to target a specific market segment or in improving an existing product or its packaging. Product development plays a key role in the success of a product and also on the lifetime of the product. Most successful organizations and manufacturing companies are more likely to have some kind of formally defined and well-structured development process. Although the product development process is defined differently from different manufacturers, it contains the some important phases in common. The general key processes or phases that involve in the product development are:

Before starting a business, entrepreneurs need to take and use the methods to generate creative ideas for product to be marketed and test new ideas. The methods are the focus group method, brainstorming, brainwriting and problem inventory analysis. These methods are best suitable for an organization that needs expansion in products or services