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New Product Development Process Guide

The document outlines a new product development strategy involving 7 key steps: 1) idea generation through internal/customer/competitor sources, 2) product screening and concept testing to reduce ideas, 3) business analysis reviewing sales/costs/profits, 4) product development to construct the physical product, packaging and branding, 5) marketing tests, 6) selling the new product, and 7) continuous development of new products and services is needed given changing consumer tastes and competition.

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Emma Pop
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4 views10 pages

New Product Development Process Guide

The document outlines a new product development strategy involving 7 key steps: 1) idea generation through internal/customer/competitor sources, 2) product screening and concept testing to reduce ideas, 3) business analysis reviewing sales/costs/profits, 4) product development to construct the physical product, packaging and branding, 5) marketing tests, 6) selling the new product, and 7) continuous development of new products and services is needed given changing consumer tastes and competition.

Uploaded by

Emma Pop
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPSX, PDF, TXT or read online on Scribd

New Product

Development Strategy
INTRODUCTION

 Given the rapid changes in consumers


tastes, technology and competition,
companies need to produce a continuous
stream of new products and services.
Steps in the process of creating
new products

Selling
Product
development
Business & Marketing
Analysis Test

Product
screening &
Concept
testing
Ideea
generation
Ideea generation
 The development of a new product begins with the
generation of ideas - a systematic search for new
product ideas

Internal
Customers sources

Competitors&
Suppliers

Sources
Product screening & Concept testing

 Reducing the number  Testing the concept

of ideas of the new product


on a target group of
 Select suitable
consumers.
product ideas
Business Analysis

 Business analysis involves a review of:

Sales

Costs

Profits
Product development
 Convert a product idea into a physical form.

 It involve Product
constructions
Packaging Branding
Usage
testing
Marketing Test
Offers the merchant experience in product

marketing before selling.

Allows the company to test the product and

its entire marketing program.


Selling the new product

 Move the product to its launch into the

market.
Thank you for your attention!

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