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The new product development process F. 2 (New product development process,…
The new product development process F. 2
Why develop products for your business?
Consumer needs may change, forcing company to adapt to these changing needs
The product may have arrived at the end of a product life cycle so the company may introduce new and improved updated version
They may be environmental changes which the company may want to capitalise on
New product development process
stage 1 Idea generation
interval idea sources
within the company
external idea sources
competitors
distribution , suppliers etc
Crowdsourcing
customers
Step 2 Idea screening
selecting ideas which are feasible and workable develop
Step 3 Concept develop and testing
it means that the company needs to dig deep in their ideas and find ing alternative concept before a final idea is presented to the target audience
Step 4 Marketing strategy development
a proposed marketing strategy should be written laying down following three parts
the segmentation, targeting , positioning , the planned value proposition , profit plan
the produce planned price, distribution market budget
the planned long term sales, profit goals and marketing stategy
Step 5 business analysis
Is whenever the product is financially worthwhile in the long run, Therefore it is a stage that the business looks more deeply into the cashflow the product could generate
Step 6 product development
it is a stage that prototype is produced
Step 7 Test Marketing
means testing the product under market conditions
Step 8 Commercialization