New Product Development- Application

The NPD is a seven-stage process. To illustrate the process, let's consider creating a new snack, a flavored pretzel bite.

The process begins with Idea Generation. New flavors are brainstormed and conceptualized through research and development, consumer insights, and market trends.

It is followed by Idea Screening, where potential flavors are selected based on their viability, technical feasibility, and market potential.

Next is Concept Development and Testing, where specific details on product design and packaging are developed and tested for feasibility.

Then, in Marketing Strategy Development, a marketing plan is developed, providing details about the target market and marketing mix strategies.

In the Business Analysis stage, prototypes are created after assessing the profitability and economic viability of the variants. It helps visualize the product.

After this, in Test Marketing, the snack is shared with target market customers to gather initial feedback.

And finally, in Commercialization, the final flavors are approved after incorporating all the feedback. The snack is ready for full-scale production and launch.