The document describes the stage-gate system as the best way to manage the new product development process. It breaks the process down into 8 stages with a gate or checkpoint at the end of each stage. The stages include idea generation, idea screening, concept development and testing, marketing strategy development, business analysis, product development, market testing, and commercialization, with each gate determining if the project is worth continuing on to the next stage.

1. -Divyanshu Pal Nagar, IITK

2. 3.What is the best way to manage the new-product development process ?

3. Many top companies use the stage-gate system to divide the innovation
Process in stages with a gate or Checkpoint at the end of each

4. The stages of new-product development process are actually various check-points

5. 1. Idea generation
Is idea worth considering ?

6. 2. Idea screening
Is the product idea compatible with
Company objectives, strategy and resources ?

7. 3. Contest development and testing
Can we find a good concept consumers say they would try ?

8. 4. Marketing strategy development
Can we find a cost effective, affordable marketing strategy ?

9. 5. Business analysis
Will this product meet our profit goal ?

10. 6. Product development
Have we got a technically
And commercially sound project ?

11. 7. Market testing
Have product sales met expectations ?

12. 8. Commercialization
Are product sales meeting expectations ?