12th Edition
ISBN: 9781337407595




12th Edition
ISBN: 9781337407595
Textbook Problem

Explain the steps in the new-product development process

Summary Introduction

To discuss: The steps included in new product development process.

A product can be defined as a thing that could be provided in the market for acquisition, attention, consumption, or for utilization, which may satisfy a need or a want.

The process of developing a new product to the market is known as new product development. The company might engage in the development of new product due to increasing competition, update in technology, or change in customer preferences.


The steps included in new product development process are as follows:

First, the strategy of new product connects to the new product development process with the purposes of the corporation, the marketing department, and the business unit. Then competitors, employees, research and development consultants, distributors, customers, and other experts generate the ideas of new product. After generating the new ideas, they filter the product development process this stage is called screening.

Filtering the product helps in eliminating the ideas that are not consistent with the companies, new product strategy or they might not be appropriate for some other reasons. New product ideas that survive the preliminary screening process would shift to the business analysis stage.

In business analysis stage, the figures for sales, demand, profitability, and cost are calculated...

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