The steps and process involved in new product development
Summary :
Table of Contents
- Introduction
- Challenges of New Product Development
- New Product Development Process (Strategic Product Planning)
- Idea generation
- Idea screening
- Concept development and testing
- Marketing strategy development
- Business analysis
- Product development
- Market testing
- Commercialization
- Consumer adoption process
- Conclusion
Abstract
In this age it is said that even to be at the position at where you are, you have to keep running. The moment you stop running, you will be taken over. It is a result of cut throat competition. Competition produces a continuous round of new product attributes, so to keep pace with the present need and to keep leading; one has to be ready to find newer ways of influencing costumer needs. That can only be done by developing new products.
This fact underlines the strategic importance of new product development to maintain the lead in market. Each new attribute of product, if successful, creates a competitive advantage for the firm, leading to temporarily higher-than-average market share and profits.
This fact underlines the strategic importance of new product development to maintain the lead in market. Each new attribute of product, if successful, creates a competitive advantage for the firm, leading to temporarily higher-than-average market share and profits.
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