New Product Development - Process

The new product development or NPD process is a systematic, phased approach to creating and introducing innovative offerings to the market. It consists of distinct stages.

Idea generation marks the inception, where innovative ideas are brainstormed.

Diverse external sources like distributors, customers, and competitors, and internal sources like research and development contribute to new product ideas.

Brands also seek input and suggestions from various individuals using online platforms through crowdsourcing.

The second stage is idea screening, where the ideas having strong potential are identified while others are eliminated.

The next stage is concept development and testing, where product concepts are developed and tested to seek initial feedback from customers.

After this, the marketing strategy development phase outlines product positioning, branding, and promotion plans.

The business analysis stage assesses the product's economic viability and potential profitability, and then the brands craft a prototype in the development phase.

This prototype is used for test marketing to gather real-time user feedback for possible adjustments.

Finally, the commercialization phase encompasses full-scale production, marketing, and product distribution.