The New Product Development Process

900 Words4 Pages
Introduction New products are introduced to the market in order to fill a gap a consumer believes to exist. Therefore new products satisfy the needs and wants of the market. Firms benefit greatly from the successful introduction of these new products into the market. As a result, firms spend a considerable amount of time, money and resources on new product development. This report is going analyze the new product development process. The report is also going to examine eight steps needed to complete a new product development process. Summary of the New Product Development process New product development is used by firms in order to create and introduce new products to the market. According to Casselman & Nadeau (2008), the new product development process is part of the strategic process used by firms in order remain competitive. Firms ensure that any innovation is protected by patents or legal barriers in order to introduce the new product in the market before any competitors as well as limit any possible competition. The concept of new product development begins with perception of a market gap. Once the opportunity has been identified, senior management creates an environment where by idea generation and screening is encouraged. In fact, Kachouie & Sedighadeli (2013) state that managers must not only be committed to innovation, they should also show their support by creating cross-functional teams in charge of innovation. Also senior management must be involved in
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