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New Prod Devlp

The document outlines the new product development (NPD) process, which involves two parallel paths: idea generation/product design/engineering and market research/analysis. It then describes the five main steps in the NPD process: 1) idea generation, 2) screening, 3) idea evaluation/concept development, 4) development of product/business analysis, and 5) commercialization. The NPD process is crucial for organizations to successfully develop new products, remain competitive, and prevent sales declines.

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37 views1 page

New Prod Devlp

The document outlines the new product development (NPD) process, which involves two parallel paths: idea generation/product design/engineering and market research/analysis. It then describes the five main steps in the NPD process: 1) idea generation, 2) screening, 3) idea evaluation/concept development, 4) development of product/business analysis, and 5) commercialization. The NPD process is crucial for organizations to successfully develop new products, remain competitive, and prevent sales declines.

Uploaded by

FBUK54
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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In business, new product development (NPD) is the term used to describe the

complete process of bringing a new product or service to market. There are two
parallel paths involved in the NPD process: one involves the idea generation, product
design, and detail engineering; the other involves market research and marketing
analysis.
These steps in the New Product Development Process, as understood by most
marketing researchers:
1. Idea Generation 
 brainstorming - thinking about it 
 creating a new product based on some observed need
 thinking of a new product based on some accident or chance circumstance
2. Screening 
 getting opinions from 
o employees
o potential customers
o media
o government
 what are the weaknesses of existing products that are similar
 is there any competition for a new product
 What are the industry sales and market trends the product idea is based on
3. Idea Evaluation / Concept Development 
 estimate costs, revenue, profit, 
 do market research 
 target market segmentation
o describe the main group of people who will be the first customers
4. Development of Product / Business Analysis
 physically design and manufacture the product 
 estimate likely selling price based upon competition and customer feedback
 estimate sales volume based upon size of market 
 produce a physical prototype or mock-up
 test the product (and its packaging) in typical usage situations
5. Commercialization 
 "make enough to sell" 
o manufacture a large amount to send out to the stores that will stock the
items so enough inventory on hand for the public to buy
  launch "promotion campaign"

Improving and updating product lines is crucial for the success for any organisation.
Failure for an organisation to change could result in a decline in sales and with
competitors racing ahead. The process of NPD is crucial within an organisation.

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