The new product development process
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.
