New Product Development Is An 8 Step Process

795 Words Aug 5th, 2015 4 Pages
New Product Development is an 8 step process: 1. Idea Generation
2. Idea Screening
3. Concept Development and Testing
4. Marketing Strategy Development
5. Business Analysis
6. Product Development
7. Market Testing
8. Commercialization During the first phase of Idea Generation, an idea for a product, service, or a feature is created and drafted. The idea is then reviewed to understand whether the idea is worth considering or not. If the idea is not too powerful, the process is dropped. But if the idea is strong enough, the process proceed to the next step.
The next step is Idea Screening. In this step, people in authority in the company decide whether the idea is synchronized with the goals, strategies and resources of the company. If the end objective of the idea goes into a direction which is not related to the company’s, the process fails; In case the strategy required to fulfill the product development is different from company strategies, the process fails; and if the company does not have enough resources to go forward with even a worthy idea, the process fails. It is essential that the idea is on the lines of company growth and that can be produced with the use of available resources.
In Concept Development and Testing, a concept is sought which could be developed with the present idea and is tested on terms whether the concept will be accepted by the customers or not. The process is dropped if there is a lack of such concept.
Marketing Strategy Development is a…
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