The new product development process

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The new product development process


Idea generation


The systematic search for new-product ideas.


Idea screening


Screening new-product ideas in order to spot good ideas and drop poor ones as soon as possible.


Concept testing


Testing new-product concepts with a group of target consumer to find out it the concepts have strong consumer appeal.


Marketing Strategy Development


Designing an initial marketing strategy for a new product based on the product concept


Business analysis


A review of the sales, costs, and profit projections for a new product to find out whether these factors satisfy the company’s objectives.


Product Development


Development the product concept into a physical product in order to ensure that the product idea can be turned into a workable product.


Test marketing


The stage of new-product development in which the product and marketing program are tested in more realistic market settings.


Commercialization


Introducing a new product into the market.



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