New Products Development Process – Easy To Follow Steps

Many people think that developing a new product requires too much hard work and a person has to burn all of the calories to do so, but the fact is that it is not entirely like that. It should not feel like you are alone fighter fighting in the dark. Today, mankind has developed easier ways to do some tasks. What an individual needs in these situation is an organized-solution that facilitate your business with an easier and clear path to follow and grow. In fact, developing a service or product is just a small piece of the New Product Development Process that covers the entire journey starting from producing initial idea to spreading it in the market. The following are a few easy to follow steps that will help you to bring any product in the market.

New Product Development Process

1.     Idea Generation

The main development of the product begins with a concept. In the beginning, you should first consider performing a SWOT Analysis because this will ensure the best possible results for your product and will also highlight your company’s position in the market.

2.     Idea Screening

This is step is very critical as it ensure that the unsuitable ideas should be rejected. In the business world, ideas should be considered on the joint decision of a group or committee, so that the new product should hit the market.

3.     Concept Development and Testing

After passing screening, next thing to do is development and testing of the product that can be surely done by past and valuable customers. Ask whether understand the concept or they need it. It will give you chance to either throw the product in the market or develop it further.

4.     Business Analysis

Once the product is tested and finalized, now you need to assess it. Assessing includes highlighting the target market, detailed marketing strategy, the marketing mix, and product positioning.

5.     Product Development

After approval of the new product, now it is time to put it to marketing and technical development stage. This will ensure that the customers are satisfied with the product or there is additional need of development like packaging and design.

6.     Marketing Test

This stage requires assessment of not only the product, but also all of the elements associated with it starting from product development to marketing strategy.

7.     Commercialization

After all the things are clear, the next stage requires proper commercialization of the product. Finalizing marketing plan, pricing, sales teams and distribution teams will be the second last stage of the new product development process. You can read Business Study Notes to get more information about commercialization.

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