The document outlines an 8-step guide for the new product development (NPD) process, detailing stages from idea generation to commercialization. Key stages include research, planning, prototyping, sourcing, costing, and marketing testing, each crucial for transforming a concept into a market-ready product. Benefits of following the NPD process for businesses include cost savings, enhanced innovation, and improved marketing strategies.

1. 8-Step Guide To New
Product Development
Process (NPD)
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2. What is the Product
Development Process?
The product development process
refers to all the steps & rules required
to take a product from a concept to
market availability.
It includes identifying the market
needs, conceptualizing a solution,
researching a competitive
landscape, product development
lifecycle, collecting feedback, etc.

3. 8 Stages of Product
Development Process
Idea Generation :
It is the stage where the target market,
target customer, & target audience are
recognized.
Research :
Product validation in the NPD process
ensures that you’re creating a product for
which people will pay, & it won’t waste your
time, effort, & money.

4. Planning :
As new product development processes
can quickly become a mess, it is essential
to plan your idea & production before
building your prototyping.
Prototype :
The primary goal of the prototyping phase
during the product development process is
to create a finished product to use as a
sample of mass production.
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5. Sourcing :
After you finish creating the perfect
prototype of your product, now it’s time to
gather the materials & sources you will
need for production.
Costing :
Costing is a business analysis process. You
gather all the information of your
development to identify the retail price &
gross margin during the NPD process.

6. Marketing Testing :
This step of the NPD process aims to reduce
the uncertainty present in the software
product created until now.
Commercialization :
During commercialization, the team
realizes everything they require to bring the
final product to the market, including the
sales and marketing plans.

7. Benefits of New
Product Development
Process for Businesses
• Save Money
• Innovation & Idea Generation
• Strengthen & Formalize the Concept
Development Process
• Concept Testing
• Marketing Strategy

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