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New product development, Idea generation is the systematic search for new…
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Idea generation is the systematic search for new product ideas. It is the fi rst step in the new product development (NPD) process.
Launching new products is a risky business, so new product ideas are screened to select, or
spot, potentially successful product ideas.
The objective is to successfully introduce the new product onto the market
or penetrate the market, and to minimize the research and development costs.
Concept testing measures customer response to a new product – what customers think of it – and gives an indication of the level of consumer acceptance – that is, how readily consumers will use the product.
The marketing strategy describes how to penetrate the market. You must decide which route to market is best for your product or service.
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Companies need to organize their workflow efficiently to move quickly through the new product development process and beat the competitors to market that is, get to market first with a successful product launch.
Product optimization studies are carried out to improve the product or service as it is being developed. They may include sensory research to evaluate how a product smells, tastes or feels.
The next step is to collect information on how the proposed product or service will perform in the marketplace. The company tests the product and its marketing plan on a small test market before a full launch.
Commercialization, also know as market introduction, is the final stage in the new product development process. The distribution network and marketing communications action plan must be ready by the launch date or commercialization date- the date the product goes on sale.
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