.1. introduction to New product development process
2. meaning of new New product development process
what is innovation and innovation
3. New product development process
4. step 1 idea generation
5. step 2 idea screening
6. step 3 concept develop & testing
7. step 4 marketing strategy
8. step 5 business analysis
9. step 6 product development
10. step 7 test marketing
11. commercialization
thank you very much
2. Meaning
New Product Development process is nothing but a process of
bringing a new product to market place
There are two terms , Invention & Innovation ,
Invention Innovation
3. New Product Development process
Idea Generation Idea Screening
Concept Develop &
Testing
Marketing
Strategy
Business Analysis
Product
DevelopmentTest MarketingCommercialization
5. Idea Screening
After generalizing Various
ideas, Identify Good ideas &
Drop Poor Ideas
Think about is it real, Can
we win , it is Worth doing
Etc.
6. Concept Develop & Testing
Take a group a customers, ask them to use the product & get Feedback.
If they liked the product, go for it
If they give any suggestions, consider those points reframe it & make Changes as per their need & Wants
8. Business Analysis
Annalise whether the product is profitable or
not
Whether we are on Right track ?
we will achieve the desired objective or not ?
9. Product Development
Here you are going to manufacture your actual product
Physical Shape to the Product
you Are ready with your product
10. Test Marketing
Marketers do not Directly launch the product on large scale, because
competitors may take advantages
First they distribute only in the target market or in particular segments
Then analyze whether customers are purchasing or not ?
Are we getting good response ?
11. Commercialization
If response is good, then produce your product in bulk quantity & launch
the product on large scale
And Decide,
Where
How